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.