In the first quarter of 2013 Azerbaijan State Caspian Shipping Company transported 3.2 million tons of cargo, which is by 3.6% less than in the corresponding period of last year. According to experts, this is due to objective processes in the market of cargo carriages.
The share of oil is 62.2% of freight, and dry cargo carriers - 37.8%. This year Kazakhstan has reduced the volume of oil transportation by sea. Due to the economic sanctions against Iran the indicators of supply of goods to the country dropped.
In 2012, the volume of cargo carriages in the Caspian navigation was 12,364.600 tons (-1.1%). 08D
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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