Mumbai, 20 May (Commoditiescontrol):From July 2022 to mid-May 2023, European Union (EU) countries witnessed a significant decline in vegetable oil imports compared to the previous season. According to monitoring data from European Commission experts, EU countries imported approximately 5.7 million tons of vegetable oil during this period, representing a 20% decrease from the same timeframe last year.
The report reveals that the decrease in imports encompassed various types of vegetable oils. Palm oil, the most widely imported variety, experienced a decline of 20% compared to the previous year, amounting to 3.5 million tons. Sunflower oil imports also decreased by 15% to 1.5 million tons, while rapeseed imports declined by 34% to 357.4 thousand tons. Soybean oil imports followed suit, dropping by 12% to 409.6 thousand tons.
Ukraine, Argentina, Belarus, Indonesia, and Malaysia emerged as the main vegetable oil suppliers to European markets during this period.
Industry experts suggest that one of the primary reasons for the reduced volume of purchases was EU countries' high import of raw materials. This influx of raw materials led to increased utilization of European processing facilities and elevated the domestic oil supply, creating a surplus for the domestic markets.
Furthermore, the data highlight significant shifts in specific vegetable oil imports since July 2022. Sunflower oil supplies to the EU skyrocketed by an astounding 252%, surging from 603.9 thousand tons to over 2.1 million tons during the period. Rapeseed imports experienced a 44% increase, reaching 6.9 million tons. Conversely, purchases of soybeans decreased by 12% to 11 million tons.
(By Commoditiescontrol Bureau: 09820130172)
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