Baku: Azerbaijan imported approximately 64,559.5 tons of crude palm oil and its fractions in 2024, worth USD 81 million 932 thousand.

According to Azeri-Press News Agency, this marked a significant increase compared to 2023, with a rise of 41.7% or 18,989 tons in volume terms, and an increase of 56.5% or USD 29 million 589 thousand in value terms. In the previous year, the country imported 45,570 tons of crude palm oil and its fractions valued at USD 52 million 342 thousand.

The data reveals that during this period, the average import price for 1 kg of palm oil was AZN 2.2. Azerbaijan sourced 23,896 tons of palm oil from Malaysia and 40,663.5 tons from Indonesia. Over the past 30 years, palm oil has become a primary substitute for trans fats and is extensively utilized in the food industry, particularly by manufacturers of confectionery products, ice cream, chocolate, and chips.

Additionally, palm oil plays a crucial role in margarine production globally. Last year, Azerbaijan produced 51,063.8 tons of margarine, of which 1,349.6 tons were exported.