Expert of the Economic Research Center, Vahid Maharramov, does not doubt a substantial rise in price on imported products. In an interview with Turan, he said that a significant reduction in the rate of manat has already led to a rise in prices of agricultural products. "Due to the fact that such products are purchased in dollars, selling it for the same price cannot be expected to increase by 30-35%. Then on as much as the dollar rose to manat," he said and added that to keep price increases administrative methods fail. These methods will work for several weeks, and then prices will go up or products will disappear, he said. At the same time, may reduce some types of products, but it is possible in the case of falling prices on world markets. At the same time, lower oil prices, has created a new situation in large countries such as China and India. Cheaper oil has allowed these countries to save significant amounts that now they spent on the purchase of energy-dense foods in the world markets. "This was another reason for their increased cost, which will affect all customers, including the market of Azerbaijan," he said. -03B-
Economics
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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The German-Azerbaijani Chamber of Commerce (AHK Azerbaijan) hosted its biannual Members' General Meeting in Baku on December 18, 2024, gathering over 80 business representatives to reflect on the chamber’s milestones and chart a path forward.
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