Azerbaijan's non-oil exports increased by 1.9%

Discussions surrounding the implementation of a landmark renewable energy project on the Absheron Peninsula took center stage at a December 11 meeting hosted by Azerbaijan’s State Agency for Renewable Energy (AREA) under the Ministry of Energy. The project, initiated through a memorandum of understanding signed on March 1 in Baku, involves collaboration with the Spanish engineering giant Elecnor.

Azerbaijan's foreign trade turnover reached $38.4 billion in the first ten months of 2024, according to official data released by the State Customs Committee. The country's trade surplus stood at $5.1 billion, with exports accounting for $21.8 billion, or 56.7% of the total turnover, while imports were valued at $16.6 billion.

Azerbaijan's retail sector demonstrated steady growth in the first 11 months of 2024, driven by increased consumer spending and higher sales of both food and non-food items. According to official statistics, the country's retail trade turnover reached AZN 53.87 billion (USD 31.7 billion), reflecting a real-term growth of 3.8% compared to the same period last year.

In its latest monthly oil market report, OPEC has revised its global oil demand growth projections downward for the fifth consecutive time, reflecting a cautious outlook on energy markets as economic and geopolitical challenges persist. The group reduced its 2025 demand growth estimate by 90,000 barrels per day (b/d) to 1.45 million b/d, citing weaker expectations for the Middle East.