https://sputniknews.in/20240529/russias-sunflower-oil-conquers-indias-market-7480046.html
Russia's Sunflower Oil Conquers India's Market
Russia's Sunflower Oil Conquers India's Market
Sputnik India
Russia became a leading sunflower oil provider to the Indian market last year, with India's purchases soaring to over 900,000 tons, doubling from previous levels.
2024-05-29T19:38+0530
2024-05-29T19:38+0530
2024-05-29T19:38+0530
business & economy
podsolnukh-e (sunflower)
oil supplies
russia
india
business
indian economy
russian economy
agriculture
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Russian sunflower oil has conquered the Indian market amidst a surge in the country's agricultural exports to India.Prices of Russian sunflower oil declined in 2023 and this helped it surpass palm oil, which has traditionally been more readily available. As a result, sunflower oil from Russia dominated the Indian market, according to Natalya Porokhova, the head of the Price Index Center (PEC), in an interview with RIA Novosti.The Analytical Center unveiled the first Russian price indices on Wednesday, providing a more accurate assessment of the value of resource supplies to the global market.During a conference in April, Dmitry Krasnov, the head of the Agroexport federal center, stated that Sunflower oil and other products accounted for 77% of total exports, making them one of the main commodity positions in Russian agricultural exports to India last year. He also mentioned that their combined potential by 2030 could exceed $2 billion, which is twice the amount exported in 2023.
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russian sunflower oil, indian market, palm
russian sunflower oil, indian market, palm
Russia's Sunflower Oil Conquers India's Market
Last year, Russia emerged as a major supplier of sunflower oil to the Indian market, as the South Asian country's purchases skyrocketed to over 900,000 tons, twice the amount from previous years.
Russian sunflower oil has conquered the Indian market amidst a surge in the country's agricultural exports to India.
Prices of
Russian sunflower oil declined in 2023 and this helped it surpass palm oil, which has traditionally been more readily available. As a result, sunflower oil from Russia dominated the Indian market, according to Natalya Porokhova, the head of the Price Index Center (PEC), in an interview with RIA Novosti.
The Analytical Center unveiled the first Russian price indices on Wednesday, providing a more accurate assessment of the value of resource supplies to the global market.
"Traditionally, the cheapest oil was palm oil, and the most mass. But with the active growth of the export of sunflower oil from Russia and competition for new markets, Asian markets, in 2023, sunflower oil became cheaper than palm oil," says the PEC report, reviewed by the news agency.
During a conference in April, Dmitry Krasnov, the head of the Agroexport federal center, stated that Sunflower oil and other products accounted for 77% of total exports, making them one of the main commodity positions in Russian agricultural exports to India last year.
He also mentioned that their combined potential by 2030 could exceed $2 billion, which is twice the amount exported in 2023.
