Procurement prices for cotton in Azerbaijan increased

Finance Materials 29 August 2022 14:32
Baku, Azerbaijan Trend News Agency
Procurement prices for cotton in Azerbaijan increased

The material well-being of farmers is the focus of constant attention of Azerbaijani President Ilham Aliyev, the Ministry of Agriculture of Azerbaijan told Trend.

Following the instruction of President Ilham Aliyev further measure has been made in this direction.

As a result of discussion with the ministry, companies engaged in the production and processing of cotton decided to increase procurement prices for cotton just before harvest.

According to the agreement reached between the companies, current procurement prices of cotton in accordance with the varieties, have been increased by 50 manat per ton ($29) for the harvest in 2022, and for the first grade an increase from 750 ($441) to 800 manat ($470), for the second grade - from 730 ($429) to 780 manat ($458), for the third grade - from 690 ($405) to 740 manat ($435), for the fourth grade - from 650 ($382) to 700 manat ($411).

The procurement prices for cotton increased for the second time this year. The companies decided to increase procurement prices for products by 50 manat per ton ($29) in January 2022. Thus, cotton farmers, this year will sell every ton of grown products for 100 manat ($58) more expensive than last year.

Cotton production is supported by the state. Starting this year, a subsidy of 170 manat ($100) will be paid to farmers for every ton of cotton delivered to supply points.

In Azerbaijan, cotton has been sown on an area of more than 100,000 hectares this year. The cotton harvest will begin next month.