ADB: Increase in nominal exports following Russian invasion of Ukraine benefited Azerbaijan

Commodity exports increased on rising global prices following the Russian invasion of Ukraine, according to the updated September issue of the Asian Development Outlook report of the Asian Development Bank (ADB), Report informs.

"This increase in nominal exports benefited the region’s exporters of crude oil and natural gas— Azerbaijan, Brunei Darussalam, Indonesia, Kazakhstan, Malaysia, Papua New Guinea, and Turkmenistan," the report says.

According to it, rising food prices supported commodity exports in Central Asia, South Asia, and Southeast Asia, including wheat from Kazakhstan; coffee from Timor-Leste, the Lao PDR, and Viet Nam; and palm oil from Indonesia, Papua New Guinea, and Malaysia.

Moreover, exports of base and precious metals in the Caucasus and Central Asia were supported by prices rising from February to April for these commodities, before they started falling in May. In parallel, nominal exports to the Russian Federation were boosted by the ruble’s appreciation since March, the report says.