The fall in the value of the Russian Rubel, including against the US dollar, has caused significant losses for entrepreneurs exporting fruit from Azerbaijan to Russia, resulting in damages amounting to thousands of manat.
The issue arises because Russian fruit importers pay for goods in rubles and often in instalments. Fluctuations in the currency exchange rate reduce the export earnings of Azerbaijani businesses in dollar terms.
Commenting on the matter, Gadir Yusifov, Chairman of the Azerbaijan Association of Date Producers and Exporters, told Report that exporters have temporarily reduced shipments to minimize losses.
"Businessmen are storing dates in refrigerated warehouses and waiting for the currency exchange rate to stabilize, as exporting under current uncertainty is not profitable. They do not want to operate at a loss," he said.
He added that if the situation does not improve soon, government support mechanisms may be required.
Similarly, Farhad Garashov, Chairman of the Board of the Azerbaijan Pomegranate Producers and Exporters Association, noted a sharp decline in pomegranate exports due to the ruble's depreciation.
"Previously, we exported 3–4 tons of pomegranates per week. Now, sales to the neighbouring country have dropped to just 1 ton. Due to the ruble's depreciation, pomegranates are being exported at cost price. The exchange rate is unlikely to return to its previous level soon, and raising prices is not feasible, as overly expensive goods won't sell," he stated.
Source: report.az