Azerbaijan's Imports of Animal and Vegetable Fats Surge by 23.9% in Volume in First Nine Months of 2024
Azerbaijan's Imports of Animal and Vegetable Fats Surge by 23.9% in Volume in First Nine Months of 2024
Azerbaijan’s imports of animal and vegetable fats and oils climbed 23.9% by weight and 16.2% by value from January to September 2024, official data revealed. Despite the uptick in volume, the import cost of these products saw a decrease compared to the same period last year, with the cost per ton of vegetable oil falling by 6.1% to $1,199.6 in 2024, down from $1,278.6 in 2023.
Price increases were recorded in September, with the costs of butter and vegetable oils rising by 0.9% compared to the previous month. This comes amid a broader trend of climbing retail prices for these essential commodities, marking the third consecutive month of price increases. Azerbaijan relies heavily on imports to meet domestic demand, with 95% of its vegetable oil being sourced from abroad.
The persistent rise in prices for imported fats and oils contrasts with the recent reductions in import costs, highlighting ongoing challenges in stabilizing prices for consumers.
Economics
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