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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As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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