During 10 months of 2016 the volume of Azerbaijan's foreign trade amounted to 17 billion 806 million 400 thousand dollars, showing a decline compared to the same period last year by 17.8% (3 billion 872 million 900 thousand dollars).
According to the State Statistics Committee, in the reporting period exports decreased by 482 million 900 thousand dollars (6.4%), amounting to 6 billion 958 million dollars.
Imports in the specified time decreased by 23.8% or 3 billion 390 million dollars and amounted to 10 billion 848 million 400 thousand dollars.
During the ten months of 2016 the positive balance of foreign trade turnover amounted to 3 billion 890 million 400 thousand dollars, while in the same period in 2015 the surplus was 6 billion 797 million 500 thousand dollars.
Overall trading operations were carried out with 174 countries of the world. Azerbaijan exported to 105 countries and imported from 169. 37.6% of Azerbaijan's foreign trade accounted for the EU countries, 12.1% - for the CIS countries and 50.3% - for other countries. ----71D
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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