Leading positions of sunflower oil

Leading positions of sunflower oil

Ukraine traditionally holds leading positions in the global sunflower oil market, and 2024 was no exception. During this period, agricultural exports reached pre-war levels, bringing the country $24.5 billion, which is 59% of total exports.

This is the second historical record after 2021, when the figure reached $27.7 billion. In total, 78.3 million tons of agricultural products were exported.

Sunflower oil as an export leader

Sunflower oil occupies the largest share in the structure of Ukrainian agricultural exports — 21%. In 2024, its exports amounted to almost 6 million tons, which brought Ukraine $5.1 billion. This product remains the main export commodity and a key source of foreign exchange earnings in the agricultural sector.

Comparison with previous years

The production and export volumes of sunflower oil in the 2023/2024 marketing year (MY) were the second highest in the industry’s history: production — 6.6 million tons, exports — 6.2 million tons. Only in the 2019/2020 MY was it higher — 6.9 million tons and 6.7 million tons, respectively.

Compared to the pre-war 2020/2021 MY, production and export volumes increased by 13.7% and 17%, respectively.

Export dynamics during the year

There were fluctuations in export volumes throughout 2024. In August, sunflower oil exports amounted to only 227 thousand tons, which is 48% less than in July and was the lowest monthly volume since June 2022.

Competition in the global market

Ukraine continues to compete with other countries in the global sunflower oil market. According to forecasts by the United States Department of Agriculture (USDA), sunflower oil exports from Ukraine could reach 5 million tons in 2024.

Main export products:

• Sunflower oil: 21% of total agricultural exports. In 2024, exports amounted to almost 6 million tons, which brought Ukraine $5.1 billion. This product remains the main export commodity and a key source of foreign exchange earnings in the agricultural sector.
• Corn: 21% of total agricultural exports. 29.6 million tons were exported for $5 billion.
• Wheat: 15% of total agricultural exports. 20.6 million tons were exported for $3.7 billion.
• Rapeseed: 7% of total agricultural exports. 3.8 million tons were exported for $1.8 billion.
• Soybean: 5% of total agricultural exports. 3.4 million tons were exported for $1.3 billion.
• Oil cake and oil residues: 4% of total agricultural exports. 4.7 million tons were exported for $1 billion.

Conclusion

Despite the challenges, Ukraine maintains its leadership position as one of the leading exporters of sunflower oil in the world. The increase in production and exports demonstrates the resilience and adaptability of the country’s agricultural sector in the face of modern challenges.