There are immense, severe consequences emerging from the Russia and Ukraine tensions. Following Russia’s invasion of Ukraine today, the prices of edible oils will go higher, as per traders and manufacturers. The vegetable oils market shook from the sudden impact.
Ukraine is the highest exporting country of edible oils, especially sunflower oil, with a 76% contribution to global sunflower oil exports through the Black Sea. Since 2012, Ukraine is the world’s largest exporting country for sunflower oil. Amid the Russian invasion, things are likely to change for many partner countries of Ukraine.
Ukraine Sunflower Oil Exports, 2021
Ukraine accounted for the exports of sunflower oil with a worth of $6.4 billion in 2021. While Ukraine’s exports for edible oils are higher among many other categories, sunflower oil accounts for the highest exporting edible oil from Ukraine to other countries.
The representation of Ukraine’s sunflower oil exports for 2021 is shown in the graph below. December 2021 accounted for the highest value of exported sunflower oil (14.17%) from Ukraine, implying the surges in the export of sunflower oil from Ukraine to other countries for the ending year of 2021.
Top Exporting Destinations for Ukraine Sunflower Oil (2021)
As per Ukraine export data 2021, the top exporting countries for Ukraine sunflower oil include China with an export value of $890.2 million (13.8%), followed by the Netherlands with an export value of $670.27 million (10.4%), and Spain with an export value of $469.02 million (7.3%).
Ukraine and Russia are the two biggest exporting countries in the world, with the world’s largest share of export for sunflower oils. Observe carefully the exporting countries of Ukraine for sunflower oil exports for a thorough analysis of Ukraine’s share in other countries.
Russia and Ukraine Share – Comparison
Russia and Ukraine are the two biggest exporting countries for all the international trading partner countries which import sunflower oil from these countries. While Russia is the largest producer of oil and natural gas, Ukraine is the largest producer of sunflower oil.
The evaluation of the below provided Russia export data and Ukraine export data represents the countries’ export values for a comprehensive analysis and comparison between both. The time period spans from the first quarter of 2020 to the final quarter of 2021. It is evident that Ukraine is the largest producer and exporting country of sunflower oil as compared to Russia.
With the war between Russia and Ukraine, the global trade impact is also evident in terms of both the countries’ largest share of exports for their commodities. Traders and manufacturers have warned that edible oil prices, especially prices of sunflower oil, will hike amid the current prevailing situation between both countries. According to our trade data analysts, the supply chain issues will also make it difficult to keep maintain equilibrium, making prices go higher.
Russia-Ukraine Crisis – Global Supply Chain Impact Likely