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 ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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Shareholders of the Caspian gas condensate "Absheron" project plan to approve the Front End Engineering Design (FEED) in December, laying the groundwork for full-scale development of the field, an informed source told Turan.
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In 2024, Europe will receive approximately 12.5 billion cubic meters of gas from Azerbaijan, with the list of buyers expanding to 12 countries. Speaking at an energy forum in Istanbul on Friday, SOCAR President Rovshan Najaf announced that cooperation with a 12th, new gas buyer would begin in December.
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