Iran, Iraq, Egypt rely on Ukraine for sunflower oil

Center Jap sunflower oil imports may quickly be affected by the Russian assault on Ukraine.

Ukraine was the most important exporter of sunflower seed and the associated safflower oil in 2019, accounting for 45.8% of worldwide exports. Russia was second with 23.4% of the market. Iran was the fourth-largest importer of sunflower seed or safflower oil that yr, accounting for six.25% of worldwide imports. Iran was behind India, China and the Netherlands, in accordance with the MIT-based Observatory of Financial Complexity.

Iran will get a considerable amount of its sunflower oil from Ukraine, and the export may very well be disrupted by the continued Russian invasion of Ukraine. Iran acquired the vast majority of its sunflower oil from Turkey in 2020, however 37.1% got here from Ukraine, in accordance with the commodity knowledge evaluation agency Tridge.

A number of different Center Jap states’ sunflower oil imports additionally largely come from Ukraine. Iraq imported a whopping 87.8% of its sunflower oil from Ukraine in 2020. Egypt acquired 54.4% of its sunflower oil from Ukraine that yr and one other 18.83% from Russia.

Turkey may gain advantage from a cease in Ukranian and Russian sunflower oil exports. Turkey’s sunflower oil exports elevated 175.55% from 2015 to 2020. Turkey additionally imports some sunflower oil, in accordance with Tridge.

The warfare is already having results on sunflower oil exports from Ukraine. Some 350,000 tons of India-bound oil is in jeopardy at current, Bloomberg reported at this time.

The Russia-Ukraine battle is already having vital financial impacts on the Center East. Egypt is scrambling to search out different wheat sources because of the warfare. Oil costs additionally hit an eight-year excessive following the beginning of the invasion.