What is the dependence of the vegetable oil market in Azerbaijan on imports?

Published 2022년 4월 20일

Tridge summary

The global market is experiencing a surge in vegetable oil prices, with Azerbaijan also facing the brunt of the price hike, largely due to the ongoing conflict in Ukraine. The country's oil purchases have seen a significant decrease in both value and volume compared to the previous year. Furthermore, Azerbaijan's domestic production of vegetable oils has declined, leading to a rise in demand and prices within the country. The situation is attributed to various factors, including the conflict in Ukraine, sanctions, low local production, and issues in import countries. The high import dependency and inflation have caused vegetable oils to be among the most affected products, with prices rising significantly, even in years with low average inflation.

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

Original content

Currently, there is an increase in prices for vegetable oil not only in Azerbaijan, but throughout the world. In the country, negative consequences caused by the conflict in Ukraine are indicated as one of the reasons. Thus, in the first two months of this year, Azerbaijan purchased 8,030 tons of sunflower oil from abroad in the amount of 11.12 million US dollars. According to Report's calculations based on data from the State Statistics Committee, this is 16.4% less in value terms and 28.6% less in quantitative terms compared to the same period last year. 7,812 tons worth 10.76 million US dollars were imported from Russia, 133.78 tons worth 252.31 thousand US dollars from Turkey, 77.15 tons worth 139.84 thousand US dollars from Ukraine, 5.86 tons for 14.1 thousand, from Belarus - 1.3 tons for 2.81 thousand, from Germany - 0.03 tons for 0.09 thousand US dollars. A decrease in the production of vegetable oils is observed in Azerbaijan. Thus, in January-March of the current year, ...

Source: Oilworld