Azerbaijani Exports Rushed to Asian Countries
Azerbaijan has changed the "map" of oil and petroleum products, resulting in Asian countries taking the leading position in foreign trade, surpassing the European countries.
Cooperation with the countries of South and Southeast Asia began to develop in 2012. The process became more active in the first two months of this year, which led to the fact that Thailand ($ 476.5 million) provided for 8.5% and the second place in the foreign trade of the country. The 2012 trade with that country amounted to $ 360 million. India ($ 308.3 million) took the fourth place, Indonesia ($ 272.6 million) - the 7th, and Taiwan ($ 238.5 million) was in 8th place in the trade turnover of Azerbaijan.
Russia emerged with $ 426.1 million for the third place in the foreign trade turnover of Azerbaijan and has a more balanced structure of imports ($ 227.5 million) and exports ($ 196.5 million). The trade with Turkey (the 6th place) for the period amounted to $ 280 million.
Italy still retains primacy in the structure of trade turnover of Azerbaijan ($ 1 million or 17.8%). Britain, Germany, France and Austria have 10-13th places in the turnover of Azerbaijan.
Note that in January-February 2013 the foreign trade turnover amounted to $ 4,183 million. - 08D-
-
- Economics
- 29 March 2013 14:54
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review