Russia increased exports of oil and fat products 4% in monetary terms in 2024, Deputy Agriculture Minister Maxim Markovich said at the Oil and Fat Conference in Moscow on Thursday.

“Despite the economic challenges facing Russian exports, exports of oil and fat products increased 4% in 2024 compared to 2023 in monetary terms, and in physical terms exports also grew more than 10%,” he said.

The key product in oil and fat exports is sunflower oil, which accounts for more than 60% of the total, he said. “In 2024, the export of sunflower oil increased approximately 20% in monetary terms and more than 30% in physical weight. The oil was supplied to more than 100 countries worldwide,” he said. “Currently, about 40% of all sunflower oil exports go to India.”

Other large buyers include China and Turkey.

Russia accounts for around 7% of the world’s physical oil and fat product supply, Markovich said. “Russia is currently the second largest exporter of sunflower and rapeseed oils and the third largest supplier of soybean oil,” he said.

The Agriculture Ministry views its task as “actively working on diversifying the product range, as well as the geography of supplies,” he said.

The federal project for agricultural product exports, extended until 2030, will maintain basic and more in-demand support measures for exporting companies, such as preferential loans and subsidies for transportation.

Activating export activities will also be facilitated by the expansion of the number of agricultural attaches abroad.
Source: Interfax