Azerbaijan's Trade Turnover Declines by 23.8% in First Four Months of 2024

In a significant boost to transcontinental trade, regular container block trains have commenced operations between Xi'an, China, and Baku, Azerbaijan. This new rail route, part of the Middle Corridor initiative, promises to enhance connectivity and expedite the movement of goods between Asia and Europe.

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) reported revenues of USD 244.069 million from the development of the Shah Deniz gas condensate field from the beginning of 2024 to July 1, marking a substantial decrease compared to the previous year. According to SOFAZ, revenues from the Shah Deniz field fell 4.1 times compared to the corresponding period last year. Additionally, revenues from the sale of condensate at the Shah Deniz field decreased 3.5 times during the reporting period, amounting to USD 60.784 million.

The Cabinet of Ministers of the Republic of Azerbaijan has greenlit a comprehensive new framework for organizing and conducting qualification exams enabling individuals to manage railway transport. This development, embodied in a resolution dated July 2, 2024, aligns with directives from a presidential decree issued on December 25, 2023, aimed at enhancing operations at Azerbaijan Railways Closed Joint Stock Company.

The Cabinet of Ministers of the Republic of Azerbaijan has enacted amendments to the "commodity nomenclature of foreign economic activity, rates of import customs duties, and rates of export customs duties," originally approved by a decree on November 17, 2017, No. 500.