Ukraine eyes record-high sunflower oil exports to Asia

Ukraine expects record high exports of sunflower oil in the current marketing year prompted by strong demand from Asian markets, according to a forecast by the association of the country's vegetable oil producers Ukroilyaprom unveiled by local media on Monday.

The Ukroilyaprom estimated that in the current marketing year, which runs from September 2016 to August 2017, Ukraine will produce about 5.5 million tons of sunflower oil and supply abroad 4.9 million tons.

"The global market condition, especially a strong demand from China and India, will be the key drivers of Ukraine's oil market," the Ukroilyaprom said in its forecast.

The association said that in the previous marketing year, Ukraine has shipped some 4.5 million tons of sunflower oil to 105 countries overseas, becoming the world's largest exporter.

From September 2015 to August 2016, India and China were the largest exports destinations for Ukraine's sunflower oil, accounting for 31.1 percent and 13.8 percent of the total sales respectively.

According to the Ukrainian Analytical Center, sunflower oil was Ukraine's main exports item in January through September of 2016, covering 9.9 percent of the country's total exports earnings. Endit