For seven months of this year, the volume of foreign trade operations with the participation of government and private companies in Azerbaijan exceeded $ 18.13 billion. This is 9.53% less than at the beginning of August 2013.
According to the State Customs Committee, the trade partners of the country are 137 countries. Exports from oil and petroleum prevail over imports - surplus is at more than $ 8.36 billion. The share of exports accounted for $ 13.25 billion (minus 4.44% against August 1, 2013), indicating the country's dependence on oil.
Foreign economic activity of the country in January-July was attended by 4,676 (3,107 juridical and 1,569 physical) persons. In absolute terms, the largest share in exports for the public sector was $ 12.47 billion, for private entrepreneurs - $ 659,570,000, for individuals - $ 115,650,000.
Imports totaled $ 4.88 billion. The leadership was for private entities - they brought into the country goods worth $ 3.47 billion. The share of the public sector was $ 1.22 billion and the share of individuals was $ 192,160,000.
In January-July, Azerbaijan exported 1,732 types of goods and imported 5,436 types of goods. -17D-
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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