According to the State Customs Committee, from January to October 2013 89.6% of Azerbaijan’s export fell to oil and oil products.
The Committee reported that during this period 84.66% of Azerbaijan’s entire export fell to crude oil and 4.93% to oil products.
Oil export increased by 0.93%, while oil products export decreased by 7.05% against the same period last year.
Reduction of oil products export is connected with the fact that demand in automobile fuel increased by almost 10% at the local market.
In 2012 export of Azerbaijan oil and oil products constituted 90.16%. Last year 84.63% of Azerbaijan’s entire export fell to crude oil and 5.53% to oil products.—0—
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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