For four months of 2016 the deficit of the foreign trade turnover of Azerbaijan totaled $ 144.3 million, while in the same period in 2015 the figure was positive at $ 867.2 million, Turan was told in the State Customs Committee (SCC).
According to the May 17 report of SCC, in January-April this year the volume of export-import operations with 152 countries comprised $ 5 billion 44 million, a decline of 34.3%.
During the reporting period, imports were $ 2,594.1 million (-23.8%), and exports were $ 2,449.8 million (-42.6%).
The second consecutive month recorded a negative balance of foreign trade. In April, it made $ 99.1 million.
The share of raw hydrocarbons in the structure of exports in the four months was 86.17%, 2.29 percentage points more than in the comparable period last year.
It is noteworthy that the volume of exports of non-oil products from Azerbaijan in the four months dropped by $ 264.1 million to $ 338.7 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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