In the evening of 18 April Baku Business Center will host a business meeting arrived in Azerbaijan group of businessmen from the People's Republic of China with local counterparts.
The Foundation to promote exports and investment in Azerbaijan told Turan, that the Chinese business mission included representatives from the construction, ICT, tourism, real estate, logistics, production of trucks and construction equipment, wood processing, food processing, etc.
The trade turnover between Azerbaijan and China in 2012 totaled $ 816 million, which is 22.3% more than the year before. The share of imports of Chinese goods accounted for $ 632.3 million is 0.6% more than in 2011.
The main part of Azerbaijan's exports accounted for crude oil - 187,355.8 tons ($ 159,815.2 million). To China it also sold polyethylene (12.8 thousand tons, $ 12,369.1 million), iodine - (97 tons, $ 3,234.6 million), and other products. From China comes to Azerbaijan consumer goods, as well as vehicles, electrical appliances and equipment, pipes and other products made of black metal. For example, in 2012, was purchased in China 8 earthmoving machines and units for drilling tunnels with a total value of $ 62.6 million, and 2,257 trucks of 5-20 tons, totaling $ 70.5 million, etc. - 08D -
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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