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    Home > Food News > Food Articles > Ukraine’s implementation of sunflower oil export restrictions will result in a loss of US$3 billion in revenue

    Ukraine’s implementation of sunflower oil export restrictions will result in a loss of US$3 billion in revenue

    • Last Update: 2021-04-22
    • Source: Internet
    • Author: User
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    Foreign media news on April 15: The Ukrainian foodmate.
    net/tag_601.
    html" class="zdbq" title="Cereal-related food information" target="_blank">Grain Association (UGA) stated that the Ukrainian government hopes to implement zero foodmate.
    net/tag_227.
    html" class="zdbq" title="Export-related food information" target="_blank">export quotas to restrict Ukrainian foodmate.
    net/tag_1045.
    html" class="zdbq" title="Sunflower oil related food information" target="_blank">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.
     
    According to the Ukrainian Grain Association, Ukraine has implemented export quotas in the past, but this has led to corruption scandals, a decline in the supply of grains and oilseeds, a reduction in production profits, and a decline in export revenue.
     
    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.
    foodmate.
    net/tag_601.
    html" class="zdbq" title="Cereal-related food information" target="_blank">Grain foodmate.
    net/tag_227.
    html" class="zdbq" title="Export-related food information" target="_blank">export foodmate.
    net/tag_1045.
    html" class="zdbq" title="Sunflower oil related food information" target="_blank">sunflower oil
     
      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.
     
      According to the Ukrainian Grain Association, Ukraine has implemented export quotas in the past, but this has led to corruption scandals, a decline in the supply of grains and oilseeds, a reduction in production profits, and a decline in export revenue.
     
      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.
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