In September of this year, the deficit of foreign trade balance of Azerbaijan amounted to $ 93.3 million. This is the third, but the highest rate of negative balance in foreign trade operations of the country since the beginning of this year.
Last month, the volume of export of goods from Azerbaijan was $ 586.7 million, 124.2 million less than in August. Goods for $ 679.9 million were purchased. Imports rose by $ 85.3 million in September.
Note that in September 2014 the positive balance of foreign trade amounted to about $ 1.1 billion.
Against the background of falling world prices for crude oil, the main export product of Azerbaijan, the foreign exchange earnings on foreign trade operations are deteriorating. In January-September 2014 the foreign trade surplus of the country amounted to $ 10.8 billion. Then for the same period in 2015 this figure fell to $ 2 billion 191 million. ---- 08D
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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