Azerbaijan's Fruit and Vegetable Exports Fall by 7.1% in Volume, 4.0% in Value from January to July 2024
Azerbaijan's Fruit and Vegetable Exports Fall by 7.1% in Volume, 4.0% in Value from January to July 2024
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.
Potato exports saw the steepest decline, plunging 32.1% in volume and 33.9% in value over the period from January to July 2024, compared with the same period in 2023. Apple exports also fell by 5.7% in volume.
On the other hand, exports of persimmons provided a bright spot, surging 74.5% in volume and 88.3% in value over the same period.
Pomegranate exports, a crucial export product, saw a sharp decline of 41.1% in volume, with export revenue dropping 2.4 times. The average price for one ton of pomegranates fell by 31.3% from $1,301.7 to $893.7 in the first seven months of 2024, leading to a significant reduction in total export income.
Hazelnut exports also experienced a steep decline, dropping 31.5% in volume and 15.2% in value during the first seven months of 2024. Over the last five years, hazelnut exports have fallen by 32.8% in volume, with export revenues dropping by 24.2%, from $72.0 million in 2019 to $54.5 million in 2024.
Tomato exports showed modest growth, increasing 4.5% in volume and 12.3% in value compared to the same period last year. However, the income of tomato exporters has declined over the past four years. In the first seven months of 2020, tomato exports were valued at $166.5 million, but by the same period in 2024, the figure had fallen to $139.5 million—a $27 million decrease.
Meanwhile, Azerbaijan's imports of vegetables and fruits surged by 18.2% in physical terms and by 31.6% in value during the January to July 2024 period, underscoring a widening trade gap in this sector.
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- Politics
- 26 August 2024 14:54
Economics
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On September 11, 2024, Azerbaijan's Economic Council, chaired by Prime Minister Ali Asadov, convened to review the draft state and consolidated budgets for 2025-2028. The meeting, dedicated to key financial and economic issues, addressed global economic trends, macroeconomic forecasts for 2024-2028, and the country’s budget policy for the coming years.
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Azerbaijan's fixed asset investments in the first eight months of this year totaled 11.2 billion manats, reflecting a 1.7 percent increase compared to the same period last year, according to data from the State Statistics Committee. This uptick highlights the country’s ongoing commitment to infrastructure development, though the composition of investment flows reveals contrasting trends between sectors.
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Azerbaijan’s gross domestic product (GDP) grew by 0.8% in the January-August 2024 period, reaching 80.96 billion manats ($47.62 billion), reflecting stability in overall production compared to the same period in 2023, according to data from the State Statistics Committee.
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Azerbaijan’s consumer price index (CPI) for the period of January to August increased by 1.3% compared to the same period in 2023, marking a period of moderate inflation in the country. According to the State Statistics Committee, the overall CPI for the eight-month period reached 101.3%, with various sectors showing mixed inflationary pressures.
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- Finance,
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