InfoSAWIT, BAKU – From January to October 2024, Azerbaijan imported 48,947.6 tons of crude palm oil and its fractions, with a total value of USD 57.96 million. Compared to the same period last year, the import volume increased by 7.4% or 3,377 tons.
The average price per kilogram of palm oil was recorded at 2 manats, with Malaysia supplying 23,179 tons and Indonesia providing 25,768 tons, both continuing to dominate the Azerbaijani market.
Over the past three decades, palm oil has become a primary substitute for trans fats in margarine production and is widely used in the food industry. In Azerbaijan, this product is extensively utilized in the production of sweet foods, ice cream, chocolate, and chips.
According to InfoSAWIT, from MPOC on Tuesday (December 31, 2024), palm oil also plays a crucial role in global margarine production. In 2024, Azerbaijan produced 40,853 tons of margarine, of which 1,009 tons were exported. This highlights the importance of this sector to the national economy.
The increase in palm oil imports reflects a stable demand for this product in Azerbaijan's food industry. Major global suppliers like Malaysia and Indonesia continue to meet local producers' needs by providing a stable supply.
Given the ongoing growth trend and the significance of palm oil for the food industry, experts predict that imports of this product in Azerbaijan will remain high in the coming years, supporting local production development and enhancing the country's export potential. (T2)