The export duty on sunflower oil will remain zero in August

In August, Russia will keep a zero duty on sunflower oil exports but will raise the duty on sunflower meal exports from 901.3 rubles/t to 1869.7 rubles/t, with these duties extended until August 31, 2024. The Oil and Fat Union of Russia predicts record-breaking exports of sunflower oil and meal for the 2023/24 season, primarily to India, China, and Turkey. Prices for sunflower oil and meal are currently $900 per ton and $222 per ton, respectively. Russia's share in India's sunflower oil imports is expected to rise to 38-40% in 2024.

The duty on sunflower oil exports from Russia will remain zero in August. The duty on the export of sunflower meal will increase from 901.3 rubles/t to 1869.7 rubles/t, according to the materials of the Ministry of Agriculture. The duty on oil is calculated based on an indicative price of $798.3 per ton ($773.3 a month earlier), on meal - $211.2 ($198.6 a month earlier). The zero rate on oil was first established in June last year for the first time since February 2023 and has not been increased since then. In August 2023, the government extended the duty on the export of sunflower oil and meal until August 31, 2024. According to the forecast of the Oil and Fat Union of Russia, by the end of the 2023/24 season, sunflower oil exports may exceed 4.8 million tons, which is more than 700 thousand tons higher than last season. India remains the main buyer, as was the case last season, followed by China and Türkiye. The volume of sunflower meal export will be more than 2.8 million tons, ...