Export of Cotton Equal to Export of Electricity
Baku / 19.09.17 / Turan: This year Azerbaijan plans to increase cotton production 3 times to 250,000 tons. However, experts believe that this is not a way out of the situation, both in securing employment and increasing the currency flow into the country.
According to the State Customs Committee, for the first eight months of this year, Azerbaijan exported 24.1 thousand tons of cotton fiber and yarn at the expense of last year"s harvest. Exports increased 2.4 times, raising $ 37.3 million. This is $ 21.2 million higher than the indicator for the comparable period of 2016. At the same time, the proceeds from the export of cotton are approximately equal to the revenues from the sale of electricity - 812 million kW of electric power for the eight months of this year.
In the meantime, the cotton harvesting continues at a high rate. According to the State Statistics Committee, as of September 18, 10,500 tons of raw cotton was harvested from the plantations, 5.8 times more than in the same period in 2016. The area under cotton this year is 136,400 hectares. The average yield is expected at 18 quintals / ha. ------08B
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review