Auto imports rose by 18.4%
For the first eight months of this year, Azerbaijan imported 67,226 units of vehicles. This is 18.4 % more than in the comparable period of 2012.
According to the State Customs Committee, during this period of the year, officials and dealers, as well as individuals delivered 60,924 units of passenger cars, which is 24.5 % more than in the same period last year. The number of imported used vehicles was not reported. In previous years, the figure was 50 % for imports.
This year, imports of special equipment (tractors, excavators, bulldozers, cranes and other motor vehicles) totaled 620 units. It is 91 units less than in the comparable period of 2012.
The supply of buses and trucks reduced. In January-August 2012 purchased from abroad were 6,368 trucks and 744 buses, but this year, the figures were respectively 5,060 and 622 units. - 08B-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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