Azerbaijan's Wholesale Trade Turnover Rose 7% in the First Half Of 2024

Azerbaijan's key hydrocarbon fields, Shah Deniz and Azeri-Chirag-Guneshli (ACG), continue to operate steadily against the backdrop of changing global energy dynamics, supporting both domestic and international gas supplies, economist Gubad Ibadoglu said in an article.

Consumer spending in Azerbaijan grew significantly in the first seven months of 2024, as the total cost of goods and services sold to meet consumer needs reached 40.4 billion manats ($23.8 billion). According to the State Statistics Committee, this represents a 4.2% increase compared to the same period last year, highlighting the resilience of the domestic market despite broader economic uncertainty in the region.

In a troubling trend, food prices in Azerbaijan continued their upward trajectory in July 2024, with a 2% month-on-month increase, even as global commodity markets experienced notable declines. This discrepancy highlights the complexity of the country’s food supply chain and raises concerns about future inflationary pressures, especially for essential goods such as cereals, oils, and sugar.

Azerbaijan is close to completing its mass harvest of cereals and legumes, with 98.3% of the planned area for winter and spring crops already harvested, the State Statistics Committee reported on Monday.