The Prime Minister of Kazakhstan supported the export duty on sunflower

Published 2024년 3월 20일

Tridge summary

Kazakhstan's Prime Minister, Olzhas Bektenov, has defended the country's export duty on sunflowers, arguing it is a support mechanism rather than a restriction. Introduced in February 2022, the duty aims to prevent a raw material shortage and a sharp price increase in the domestic market. The measure has resulted in increased sunflower oil production and decreased imports. The government is also contemplating a tariff quota for crops, which would allow a certain volume of seeds to be exported without duties.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Prime Minister of Kazakhstan Olzhas Bektenov said that the duty on the export of sunflowers in Kazakhstan is not a restriction, but support. Inbusiness writes about this. He explained that the cancellation of this measure could lead to the loss of markets for local processors and the preservation of the raw material orientation of exports. The Head of Government listed the serious successes associated with the introduction of this mechanism. Sunflower oil production in the country increased from 331,100 to 534,100 tons. Its exports in both refined and unrefined forms increased by 60 percent. Specific volumes are not specified, but they are kept at the average annual level. And imports of the product decreased by 17 percent from the 2022 level or 18.6 thousand tons - to 89.1 thousand. In February, prices for it also decreased - by 20.2 percent year-on-year or to 715 tenge (146 rubles) per liter. The production and export of highly processed sunflower products are also developing. ...

Source: Rosng