Ukraine could suffer losses of 100 million dollars due to excess of vegetable oil in the world market

The production of vegetable oil in the current year will exceed its consumption, which can lead to the loss of export income in Ukraine in the amount of $ 100-115 million. According to Sergey Feofilov, general director of the consulting agency UkrAgroConsult, the cost of vegetable oils in the last decade has significantly decreased ($ 695- 700 per tonne).40% of food and agricultural exports belong to rapeseed, soybeans, croutons and oils. According to the Ministry of Agrarian Policy, this year sunflower seeded 5.7 million hectares (300,000 hectares less). As predicted in the Ministry of the harvest should be at a rate of 13.3 million tons. Julia Ivanitskaya, an analyst at APK-Inform, a consulting agency, says about 15 million tons.The world production is also expected to increase significantly. Experts expect an impressive increase in the harvest in Russia, Argentina, Ukraine. As noted by experts of Oil World, the production of oils can exceed their consumption in 193.5 million tons.