- Turkey’s sunflower oil imports rose 26% year-on-year in October 2024 to 82,600 tons, with import value up 57% to $108.7 million, signaling both higher volumes and prices.
- Russian shipments to Turkey surged 76% year-on-year to 75,000 tons, capturing about 91% of Turkey’s total sunflower oil imports and reinforcing Russia’s dominant supplier role.
- Higher unit prices could pressure Turkish refiners and may curb future buying if elevated price levels persist.
Turkey Sunflower Oil Import Overview – October 2024
Turkey imported 82,600 tons of sunflower oil in October 2024, a 26% increase from 65,600 tons in October 2023. The total import value reached $108.7 million, up 57% from $69.3 million a year earlier, indicating a notable rise in unit prices alongside higher volumes.
Russia remained Turkey’s dominant sunflower oil supplier, shipping 75,000 tons in October 2024 versus 42,600 tons in the same month of 2023, a year-on-year increase of 76%. Russian-origin product accounted for approximately 91% of Turkey’s total sunflower oil imports during the month, highlighting Turkey’s strong dependence on Black Sea supplies.
Import Volumes and Values
| Metric | October 2023 | October 2024 | Year-on-Year Change |
|---|---|---|---|
| Total sunflower oil imports (tons) | 65,600 | 82,600 | +26% |
| Russian sunflower oil exports to Turkey (tons) | 42,600 | 75,000 | +76% |
| Share of Russian supplies in Turkish imports | — | ≈91% | — |
| Total import value (USD million) | $69.3 | $108.7 | +57% |
Market Analysis
Neutral to Slightly Bearish for Black Sea Sunflower Oil
The strong increase in Russian sunflower oil exports to Turkey reflects ample supply from the 2024 Black Sea harvest and resilient Turkish demand. Russia’s 76% year-on-year shipment growth consolidates its market leadership in Turkey and the wider region.
However, the 57% rise in import value versus a 26% gain in volume signals higher unit prices, which may squeeze margins for Turkish refiners. If elevated prices persist, this could temper future purchasing pace, potentially limiting further upside for Black Sea sunflower oil and keeping the outlook neutral to slightly bearish.
Market participants should monitor whether Russia can maintain this heightened export tempo through the remainder of the marketing year and how Turkish buyers respond to ongoing price levels.
Source: Market Data
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