Sunflower oil imports increased 28% for the 7th month of 2024

2024-08-21 11:30:00, Ekonomi CNA

Sunflower oil imports increased 28% for the 7th month of 2024

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For the months of January-July 2024, imports of the group "Oils and animal or vegetable fats", according to INSTAT data, increased by about 28% compared to the same period of the previous year.

Importers claim that despite the fact that tourism has had a positive effect on sales, especially for small packages that are traded in markets, the increase in imports has had more impact from the increase in stocks.

According to them, after the stocks are exhausted in the winter period, during the summer period until the month of September, supplies for sunflower oil are increased. They add that another reason for the increase in imports is the deformation of the foreign market, where the ordered quantity arrives several months late.

"It's mostly just a matter of stocks. There is increased demand from tourism, but it is not at high levels to justify this high amount of arrivals, when the consumer market in the country has been reduced by demographic changes," claimed one of the country's largest oil importers.

Last year, the increase in the flow of tourists completely changed the consumption of sunflower oil. By the beginning of June 2023, importers claimed that sales were about 40% lower than last year, due to emigration and overproduction of olive oil.

While during the tourist season, sales increased by 10 to 15% compared to 2022, especially at supermarkets and hotels in the area of ??Durres and Vlora. Also for the month of November 2023, the importers claimed that with the departure of tourists there was a decrease in sales, influenced by the demographic changes of the population.

Source: INSTAT

A factor that continues to affect demand is the stabilization of the selling price of sunflower oil.

Importers said that wholesale prices for this product have been stabilized in the market for 2 years. Currently, according to them, sunflower oil is being sold in bulk at a price below 200 ALL per liter (150 to 180 ALL per liter).

While in retail stores, 1 liter of packaged sunflower oil is currently sold for 210 to 215 Lek. Small traders claim that sales of sunflower oil are low compared to years. According to them, this is rather influenced by the offers with reduced prices that the markets offer, as a result, the highest sales are in these commercial units.

The fall in the price of sunflower oil began in June 2022, when oil began to be imported from Ukraine's deposits to border countries, as sea transport was blocked by the war. In July 2022, the price of oil decreased by 24% compared to the selling price after the war.

After the beginning of the Russia-Ukraine war and the difficulties created in the import of sunflower oil, the prices in the Albanian market increased by about 33%. In March 2022, the price of sunflower oil was traded at 330 ALL per liter from 249 ALL per liter in February (32.5% increase). After this period, the price increased by about 9% and reached 370 ALL per liter, while in the middle of April, the retail price of oil reached the peak of 350 to 400 ALL per liter./ Monitor.al