Ukraine tripled the exports of sunflower oil to Iraq

Ukraine tripled the exports of sunflower oil to Iraq

Ukraine tripled the exports of sunflower oil to Iraq

The FINANCIAL -- According to preliminary estimations, in 2017/18 MY (September-August) Ukraine exported more than 260 thsd tonnes of sunflower oil to Iraq, an increase of 3.2 times compared with the previous season volumes.

It is worth noting that the growth of demand for crude sunflower oil from Iraq became the main driver for enlargement of shipments of the Ukrainian product to the Middle East, because on the contrary, all key countries-importers of the region, such as Iran, Turkey, the United Arab Emirates, and Saudi Arabia significantly reduced the purchases of sunflower oil from Ukraine in 2017/18 MY.

Also, last year Iraq launched a new plant for vegetable oils refining, which contributed to increasing of the imports of crude sunflower oil by the country. The situation influenced the structure of export volumes of crude and refined sunflower oil from Ukraine to Iraq. So, in 2016/17 MY the supplies of Ukrainian refined sunflower oil to the country totaled more than 10 thsd tonnes (12% of the general exports), but in the season-2017/18 — they reduced to 1.54 thsd tonnes (less than 1%).