Azerbaijani Central Bank in the first quarter said a negative balance of payments of the country.
According to its statements, the current account deficit by April 1 amounted to $ 432.151 million, driven by the export of capital out of the country. Without taking into account this factor, the deficit would be much less - at the level of $ 77,740,000. Basic capital outflows culprit is the oil and gas sector, which accounts for $ 384,336,000 withdrawn for the implementation of international initiatives.
Recall, as of 1 April last year, the trade surplus amounted to $ 621 million 706 thousand (including $ 1 billion 552 million 333 thousand in oil revenues). --17D-
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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