In the first quarter of this year Azerbaijan imported 4,371.5 tons of bananas from Ecuador. This is 35% less than for the comparable period of 2015.
The reasons for reducing the volume of purchases are not disclosed. Experts believe the main reason for this is to reduce the number of wedding ceremonies: if in January-March 2015, there were 17,000 marriages, then for the same period this year, there were 14.2 thousand. Bananas are an integral part of the fruit dessert on Azerbaijani weddings. In addition, the purchasing power of the population decreases. Bananas are now available in retail for approximately 3 manats per kg.
According to the State Customs Committee, the import of bananas was spent about 4 million USD in Q1, by $ 2.4 million less than in the comparable period of 2015.
Note that bananas, as well as other tropical fruits, are the subject of a monopoly. They are imported by a company with British capital, Asadov Capital.
In 2015, banana imports to Azerbaijan amounted to 19.6 thousand tons ($ 18.3 million). ----08B
Economics
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review