Next Article
Russia overtakes Ukraine as India's biggest sunflower oil supplier
Business
Russia has just become India's biggest source of sunflower oil, pushing past Ukraine for the top spot.
Since 2021, imports from Russia have jumped 12-fold, mostly because Russian oil is cheaper and easier to get through open seaports.
Meanwhile, Ukraine's exports are going mainly to Europe now, since blocked ports have made shipping to India pricier and trickier.
By 2024, over half of imports will come from Russia
By 2024, over half—about 56%—of India's sunflower oil imports came from Russia (up from just 10% in 2021).
Even though prices have gone up and total imports are expected to dip by around 13%, Russia's lead looks set to stick at about 55-60%.
This shift also reflects growing trade ties between India and Russia as both sides work on making their supply chains more reliable.