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By the end of 2024, Russia maintains its third place in the global export of vegetable oils, increasing its share by 1% to 8.5%, according to analysts at OleoScope agency. The country also leads in the exports of sunflower, rapeseed, and soybean oils, with a share of 20%, 6%, and 15% respectively.
The volume of oil exports in 2024 is estimated by analysts at 7.29 million tons, which is 8% higher than the previous year. Sunflower oil shipments grew by 24% to 5.46 million tons, soybean oil shipments increased by 2% to 691 thousand tons, while rapeseed oil shipments decreased by 30% to 1.13 million tons. Russia's share in the global exports of these oils was 36%, 6%, and 15% respectively.
The export of vegetable meals remained approximately at the level of the previous year, decreasing by 0.37% to 4.02 million tons. Sunflower meal deliveries rose by 12%, reaching 2.73 million tons, soybean meal deliveries increased by 4% to 842 thousand tons, but rapeseed meal deliveries decreased by 42% to 444 thousand tons. Russia's share in the global meal market was 4%.
In 2024, the export of oilseeds to foreign markets decreased by 37% to 2.86 million tons due to the imposition of export duties. Sunflower seed shipments decreased by 39% to 237 thousand tons, soybean shipments decreased by 47% to 739 thousand tons, rapeseed shipments decreased by 31% to 729 thousand tons, and linseed shipments decreased by 30% to 1.05 million tons. On the other hand, the reduction in exports led to an 89% increase in processing capacities utilization within the country, setting a new record, according to analysts.
Executive Director of the Oil and Fat Union Mikhail Maltsev previously reported that the export of oil and fat products in 2024 amounted to nearly 11.7 million tons, which is 5% or 570 thousand tons more than the previous year. The number of export destinations increased to 131 countries. However, the sales value on foreign markets will be 4% lower than the previous year due to the decrease in global prices for vegetable oils and meals, especially in the rapeseed complex.
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