Market environment » Agricultural oils
» Palm oil foreign trade in Ukraine in 2009
Palm oil foreign trade in Ukraine in 2009
In 2009, due to the devaluation of the hryvnia (UAH) to the main world currencies, a price of palm oil increased so much that it became unattractive in the margarine and fats production. Ukrainian producers began to replace it with sunflower oil. Poor market conditions led to a sharp decrease in imports and exports of palm oil in 2009. Many importers, due to the instability in the economy, stop to import this product in Ukraine. One of the main reasons for this was the increase in competition among importers due to defense buildup in imports of palm oil by largest importer - the company "Delta Wilmar CIS" (78.92 tons for September-December 2009). In 2010, according to experts forecast, on the Ukrainian market the competition of palm oil imports will increase further. Another large company came in the country - Pacific Inter-link (Malaysia), which rent Ilichivsk MGK equipment for palm oil handling and is going to create a joint venture with OAO Odessa MGK. In 2008 imports of palm oil to Ukraine made up 413.3 thousand tons (in monetary terms - 418.9 million U.S. dollars). In 2009, the market is "narrowed" by almost half. Import was already only 265.4 thousand tons (in monetary terms – 219.5 million U.S. dollars) (Fig. 1).
Fig. 1. Palm oil imports and its fraction in Ukraine in 2006 – 2009 
In 2008 Ukraine’s export of palm oil made up 173.9 thousand tons (in monetary terms – 198.9 million U.S. dollars), and in 2009 – only 89.7 thousand tons (in monetary terms – 83.8 million U.S. dollars) (Fig. 2).
Fig. 2. Palm oil export and its fraction in Ukraine in 2006 – 2009 
 The absolute majority of palm oil (over 90%) is exported from the Ukraine to Russia. In 2009, from 89.7 thousand tons the total volume of Ukrainian exports 85 thousand tons were exported to Russia. This is almost half as large then in the previous year, when 162.6 tons of palm oil was exported from Ukraine to Russia.
Source: IRUE "National center of marketing and price study"
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