The volume of exports of Azerbaijani producers in the nine months of this year decreased by half. Important role in this was played by lower prices for consumers' goods and raw materials.
Since the beginning of the year export of tea has decreased (-44.3%), as well as sugar (-2.2%) and vegetable oil (-22.4%), which is mainly produced by Ltd. Azersun Holding. The share of these products in the first nine months of this year was 3.37% of exports. It is accordingly a negative impact in terms of financial holding companies.
By 22% decreased exports of alcoholic and soft drinks ($ 19.1 million). Since the beginning of the year there were exported vegetables and fruits for $ 162.4 million, which is 3.5% less than in the comparable period in 2014.
Markedly increased export of chemical products (+ 37.8%). Since the beginning of the year the chemical industry exported goods worth a total of $ 72.2 million. --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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