In the first two months of 2016 Azerbaijan was delivered 821 vehicles. Imports fell for the comparable period by 9 times.
According to the State Customs Committee, purchased abroad were 737 cars. Last year, in the same two months 7,031 cars were imported.
Both primary and secondary car market has been experiencing a crisis since 2013. Not only the volume of imports, but also the operations of purchase and sale reduced. Experts note that this is a direct consequence of the banking crisis and the falling incomes of the population. Banks for many years financed car loans, interest rates which ranged from 10 to 18% per annum. This lending was mainly in US dollars.
Since January 2015 Azerbaijan has also raised excise rates on import of vehicles. ---08D
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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