Demand for the Azerbaijan-made cottonseed oil continues to grow

Business Materials 24 August 2017 11:16 (UTC +04:00)

Baku, Azerbaijan, Aug. 24

By Anvar Mammadov – Trend:

Demand for the Azerbaijan-made cottonseed oil continues to grow, according to the "Export Review" published by the Center for Analysis of Economic Reforms and Communication of the country.

Great number of orders from Russia, Turkey, Kyrgyzstan, Tajikistan, Afghanistan and other countries on the Azexport.az portal indicates quite a high demand for cottonseed oil from Azerbaijan, according to the review.

Foreign customers also expressed interest in purchasing cotton seeds from Azerbaijan, but local producers cover only a small part of domestic demand, so it is impossible to fulfill these requests for now, said the review.

Nevertheless, the development of cotton production will allow Azerbaijan to start exporting cotton seeds in the future, according to the review.

In January-July of 2017, Azerbaijani producers had received orders for the export of cotton and cotton products from more than 15 countries, through the Azexport.az portal. During the reported period, $26 million was obtained from cotton fiber export, and $9 million – from cotton yarn export.

Compared to the same period of last year, the volume of exported cotton fiber increased by 6.6 times, and the total price of the cotton fiber exported grew 8.3 times, the review said.

Azexport.az state portal was created according to the Azerbaijani President Ilham Aliyev’s Sept. 21, 2016 order “On creation of a unified database of goods produced in Azerbaijan.”

Mission of Azexport.az, managed by the Center for Analysis of Economic Reforms and Communication, is to provide information on products of Azerbaijani origin and to create a beneficial platform for their sale in the foreign and domestic markets.

Integrated with the most popular electronic trading platforms, Azexport.az markets the Azerbaijani products to the potential buyers worldwide.