Ukraine’s implementation of sunflower oil export restrictions will result in a loss of US$3 billion in revenue
By: Date: 2021-04-19 Categories: Internationalfood Tags: ,
  Foreign media news on April 15:The Ukrainian Grain Association (UGA) stated that the Ukrainian government hopes to implement zero export quotas to limit Ukrainian sunflower oil exports, and the association expresses its concern.

  The association believes that if export restrictions are implemented, Ukraine will not be able to export sunflower oil before the end of the year, which will result in a loss of revenue of approximately US$3 billion. In addition, Ukrainian farmers may change their sunflower seed farmland to other crops, which will result in a serious shortage of oil sunflower seed supply next year. The price of sunflower seed and sunflower oil may rise further, but the export volume and income will decline.
   The Ukrainian Grain Association stated that in the past, Ukraine had also implemented export quotas, but it led to corruption scandals, reduced grain and oilseed supplies, reduced production profits, and reduced export revenues.
   The association pointed out that there is no shortage of sunflower oil in the domestic market. The domestic consumption of sunflower oil in Ukraine only accounts for about 5-10%of the output, and all the rest is exported, which has brought considerable export earnings to Ukraine and laid the foundation for stabilizing the economy.