Azerbaijan's External Debt Falls by $1.1 Billion in First Half of 2024, Now 7.6% of GDP

BAKU, Aug 26 (Reuters) - Azerbaijan's exports of vegetables and fruits declined by 7.1% in physical terms and 4.0% in value during the first seven months of 2024 compared to the same period last year, driven by significant drops in the export of key commodities such as potatoes, apples, and hazelnuts.

Imports of milk and cream into Azerbaijan rose by 11.8% in physical terms, while imports of butter and other dairy fats surged by 64.7% in the first seven months of 2024, according to data from the State Statistics Committee. During this period, milk production increased slightly by 0.5%. However, despite this rise in domestic production, Azerbaijan imported the equivalent of 157,700 tons of milk in butter form between January and July 2024, exceeding last year’s levels.

Azerbaijan's Cabinet of Ministers has issued a series of amendments to the "Model Regulations for Industrial Zones" initially approved in May 2015. The changes aim to enhance the management and operation of both public and private industrial zones in the country.

Azerbaijan's wheat production has taken a downturn in 2024, despite concerted efforts to enhance self-sufficiency. According to the State Statistics Committee's report on August 15, 98.3% of the winter and spring cereal and leguminous crops (excluding corn) had been harvested by mid-August, yielding 1,680.3 thousand tons of wheat. This represents a notable decrease from 1,828.6 thousand tons produced in the same period of 2023, marking a decline of 148.3 thousand tons, or 8.1%. Agro-expert Vahid Maharramov highlights the government’s struggle to boost wheat production despite various initiatives.