BAKU, Azerbaijan, January 7. Rice prices worldwide have risen by seven percent during the last two weeks, Trend reports.
Will this lead to an increase in rice prices in Azerbaijan?
Commenting on the issue, Azerbaijani economic expert Ayyub Karimli said that currently, 80 percent of the rice consumed in Azerbaijan is imported from such countries as India, Pakistan, and others.
"Last year, according to the Cabinet of Ministers resolution, rice imported from Pakistan was exempted from a 15 percent customs duty. Thus, the import of Pakistani rice will not be subject to customs duties until the end of 2027. This decision was aimed at stabilizing the prices of rice imported from Pakistan," he explained. "The applied privilege will help avoid a sharp increase in the price of rice. Rice prices in our country won't grow for several more months. However, a slight increase may occur later."
The expert noted that the rise in rice prices on the international market is artificial.
"There are no serious economic reasons for the increase, as rice production worldwide hasn't decreased," Karimli added.
From January through November 2023, Azerbaijan imported 50,959 tons of rice worth $46.37 million.
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