Ukraine has exported over 1 million tons of oil to China
23.09.2021 - 18:00
Regarding the results of the 2020/2021 season, Ukraine has exported 1.08 million tons of sunflower oil to China, which is 10% more than in the previous season.
Of all the main export destinations of Ukrainian oil, at the end of the season, it was in China that the volume of purchases increased. The indicator of Ukrainian oil exports to China has grown, despite the overall reduction in shipments of these products from Ukraine, reports news agency “APK-Inform”.
For the 2020/2021 season, Ukraine has exported to China a record 1.08 million tons of sunflower oil, which is 10% more than in the previous season. In total exports, China’s share increased from 15% in the 2019/2020 season to 20%.
In the total volume of oil imports by China, the share of Ukraine has also increased. According to the US Department of Agriculture (USDA), China’s total sunflower oil imports last season amounted to about 1.7 million tons, of which 64% was Ukrainian-made oil. In the total volume of consumption by China, the share of Ukrainian oil remains at the level of 45%.
At the same time, the PRC last season significantly reduced the import of sunflower oil from the Russian Federation – to 440 thousand tons (-41%). Thus, the share of Russian products in the total volume of Chinese imports fell to 26%, against 43% in the previous season. In the total consumption of China, the share of oil from the Russian Federation is now 19%.
According to USDA estimates, in the new season, the import of sunflower oil to China may grow to 2.15 million tons, and consumption – up to 2.78 million tons, which may become a driver for Ukraine’s increase in oil exports to China.
Earlier, USM reported that in January-August 2021, the seaports of Ukraine reduced the volume of oil transshipment to 3.03 million tons. This is 26.2% less than in the same period last year. The growth of oil transshipment indicators is observed only in the port of Odesa.
Read also: New transshipment complex in Pivdennyi. An investment near miss?
