Uzbekistan is a promising market for the sale of Indonesian palm oil. This was stated by Fadhil Hassan, Head of Foreign Division of the Indonesian Palm Oil Association (GAPKI), in his speech at the international conference “Asia Grains&Oils Conference in Tashkent 2023”, which takes place in Tashkent on September 14.
In particular, he spoke about the consumption of palm oil in the world and its prospects in Uzbekistan. For the past 5 years, palm oil deliveries to Central Asian countries have been quite low. The largest volumes were supplied to Kazakhstan and Uzbekistan.
According to the Malaysian Palm Oil Board (MPOB), the main export item to Uzbekistan in 2022 was palm oil (RBD) – 7.86 thsd tonnes. At the same time, F. Hassan noted that vegetable oil consumption has a strong correlation with economic growth.
The economic growth of Uzbekistan in the future is projected to be quite high – about 5% in 2023-2024. Therefore, experts expect that vegetable oil consumption will also increase.
“So far, palm oil export from Indonesia to Uzbekistan is still quite low. Thus, we see an opportunity to strengthen trade relations between Indonesia and Uzbekistan,” concluded F. Hasan.