In the first 11 months of this year the trade turnover of Azerbaijan with the European Union and the United States reached $ 10 billion. That is $ 5 billion less than in the comparable period of 2014.
According to customs statistical reports, the share of EU countries and the United States in the foreign trade turnover ($ 18.8 billion) in January-November amounted to 53.1%. This is 0.9% higher than the figure for the same period last year.
The EU accounts for about 60% ($ 6,336,700,000) of Azerbaijan's export. This is mainly crude oil. From the EU countries goods were imported for $ 2 billion 555,700,000, which is equal to one third of Azerbaijan's import.
From the United States for the period goods were imported for $ 773.4 million, or by 52.8% more than in January-November 2014. 08D
Economics
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Azerbaijan's government has allocated a total of 4.83 billion manat ($2.8 billion) from the state budget in 2024 for the reconstruction and restoration of territories liberated from occupation, the Ministry of Finance announced.
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President Ilham Aliyev of Azerbaijan convened a meeting on January 28 to discuss the development of the country's transportation infrastructure, focusing on the challenges facing the capital city Baku and its surrounding areas. Despite significant advancements in infrastructure over the past years, Aliyev acknowledged that traffic congestion remains a growing issue due to the rapid increase in the city’s population.
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Azerbaijan concluded 2024 with state budget revenues of 37.16 billion manats, exceeding forecasts by 2.1% and reflecting a 5.5% increase compared to 2023. Budget expenditures amounted to 37.72 billion manats, resulting in a manageable deficit of 555.5 million manats. Despite the deficit, the government demonstrated fiscal resilience and strategic allocation of resources, supported by higher-than-expected non-oil revenues and prudent expenditure control.
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According to data released by the Ministry of Finance on Monday, Azerbaijan’s external public debt as of January 1, 2025, stood at $5.16 billion, accounting for 6.9% of the country’s GDP for 2024.
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