In a bid to boost its export potential in the oilseed processing sector, the Uzbekistan government has announced the relaxation of export regulations concerning sunflower and other vegetable oils. As per reports from Gazeta.uz, companies are now permitted to export a portion of the imported oil and products derived from imported oilseeds to international markets.
The decision was formalized on March 13 through a resolution passed by the Cabinet of Ministers titled “On measures to increase the export potential of oilseed processing enterprises.”
Under this resolution, restrictions on the export of various vegetable and fruit oils have been lifted, excluding sunflower and cottonseed oil, as well as mixed oils. Additionally, the limitations on the export of sunflower and other vegetable oils, along with sunflower seeds and other oilseeds, which were implemented on June 1, 2022, have been partially lifted.
Companies are now permitted to export up to 50% of the imported finished sunflower oil, cottonseed oil, and blended oils. Furthermore, they are authorized to export oil produced from imported cotton, sunflower seeds, and soybeans, albeit limited to specific proportions of the imported volume: 35% from sunflower seeds, 17% from cotton seeds and soybeans.
These allowances will be based on the volumes of oilseed imports recorded from January 1, 2024. Deputy Prime Minister and Minister of Economy and Finance, Jamshid Kuchkarov, has been entrusted with the authority to rescind the 50% restriction on vegetable oil exports, considering the population’s access to essential food items and ensuring price stability in the domestic market.
Source: APKInform