In 2016 the foreign trade turnover of Azerbaijan amounted to $ 17 billion 675.7 thousand, which is 19.4% less than in the previous year. This was stated by the State Customs Committee on customs statistics on January 17.
The volume of exports last year amounted to $ 9 billion 143.2 million. This is 28.1% less than in 2015. The entrepreneurs exported 2,921 names of goods, which is 444 more than in the previous year. The public sector accounted for 78.9% ($ 7,217.9 million) of annual exports. Exports to the European Union were 43.2% of Azerbaijan's export.
The volume of imports ($ 8,532.4 million) was $ 610.8 million less than the exports. However, the imports decreased by 7.4%. The public sector purchased goods abroad for $ 1 billion 232.2 million, 25% less than in 2015. Goods for $ 2 billion 222.2 million (-24.5%) were purchased in EU. ----08D
Economics
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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At the COP29 event titled "Climate Finance Landscape in the South Caucasus and Central Asia" held on November 14, Roland Price, Regional Director of the World Bank for the South Caucasus, highlighted the substantial economic and environmental damage faced by the countries of the South Caucasus, which she estimated at around $100 million annually.
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SOCAR Green, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), has signed a series of agreements at the COP29 summit aimed at bolstering the development of renewable energy sources, enhancing energy efficiency, and promoting sustainable growth in Azerbaijan.
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The Islamic Development Bank (IsDB) is stepping up its efforts to mobilize Islamic banking resources in the fight against climate change, President of the IDB Muhammad Sulaiman Al Jasser said on Thursday during a roundtable at COP29.
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