In the first half of this year Azerbaijan imported 800.500 tonnes of wheat, by 264,000 tons or 49.5% more than in the same period in 2014. Approximately 94% of wheat was purchased in Russia, the State Statistics Committee. Only in the second quarter of this year, the volume of purchases from abroad amounted to about 305,000 tons.
A ton of wheat cost the importers at $ 234.3, which is by 10% lower than in the first half of last year.
According to the Ministry of Agriculture, this year Azerbaijan produced 1,687,000 tons of wheat, by 243,000 tons or 16.8% more than in 2014. The harvest totaled 31.3 c/ha, by 7.4 c/ha more than last year. 08B
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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