Source: Oleoscope (Russia)
Egypt significantly reduced sunflower oil imports in the first quarter of MY 2024/25, favoring soybean imports and domestic processing. Between September and November 2024, sunflower oil imports fell 3.3 times to 65.6 thousand tons compared to 217.5 thousand tons in the same period last year, according to consulting agency ASAP Agri.
The biggest reduction was recorded in relation to sunflower oil from the EU – supplies from the Netherlands and Bulgaria have completely stopped. Russian oil imports are also reported to have fallen sharply – from 88.1 thousand tons in MY 2023/24 to 39.6 thousand tons in the current season.
“The reason for this drop in sunflower oil imports and the shift to soybean imports and processing is the significant drop in demand due to inflation and the currency crisis, which are killing Egyptian demand for grains and oils,” said Ahmed El Hawary, head of trade department at ALMAGD Group, one of the largest soybean processors.
Meanwhile, soybean imports rose 63.5% year on year during the first quarter of the season, exceeding 1 million tons. In particular, shipments from the United States increased from 193 thousand tons to 741.5 thousand tons, which confirms the trend of Egypt’s transition from imports of refined oil to increase the processing of soybeans domestically.
Earlier it became known that the Egyptian agency Mostakbal Misr, subordinate to the country’s Air Force, will take over food purchases instead of GASC.
