Russia consolidates its position as India’s primary source of sunflower oil

India saw a significant rise in imports of Russian sunflower oil during H1 2024, with shipments 2.5 times greater than over the same period in 2023. The Federal Center for the Development of Export of Agricultural Products of the Russian Federation, a government agency focused on promoting food exports from Russia, reported exports to India totalling 10 lakh tonnes, valued at 8,097.81 crore INR ($965.2 million).

Indian customs data reveals that the country imported over 20 lakh tonnes of sunflower oil during the first six months of 2024. Russia has now emerged as the leading supplier of this product, outpacing Ukraine and Romania in second and third place, respectively.

India is experiencing growing demand for sunflower oil, which compares favourably to other vegetable oils such as soybean and palm oil in terms of price. Meanwhile, Russian sunflower oil could soon account for up to 50% of India's total sunflower oil imports.

Russia has been redirecting its agricultural exports to non-Western states, including India, as part of its strategy to expand into new markets. Both countries have set a bilateral trade target of 8.39 lakh crore INR ($100 billion) by 2030, up from the current 5.45 lakh crore INR ($65 billion). This includes further boosting trade in agricultural products and fertilisers, alongside commitments to ease existing trade barriers.

Source: TASS