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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The International Telecommunication Union (ITU), the Permanent Mission of the Republic of Azerbaijan to the UN Office in Geneva and the Ministry of Digital Development and Transport organized for the heads of about 30 diplomatic missions accredited in Geneva a special briefing on the initiative "Green Digital Action", which will be presented during COP29 in November in Baku, the Ministry of Digital Development and Transport of Azerbaijan reported.
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As a member of the International Renewable Energy Agency (IRENA) Council, Azerbaijan participated in the 28th meeting of this Council in Abu Dhabi (UAE).
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Azerbaijan’s President Ilham Aliyev signed a decree on Friday ratifying an agreement with Uzbekistan aimed at protecting the labor rights of Azerbaijani citizens working temporarily in Uzbekistan and Uzbek citizens working temporarily in Azerbaijan.
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