Exports of Cotton Falls by 11 Times
In 2014, Azerbaijan exported abroad 248.6 thousand m2 of cotton fabric, which is 11 times less than in the previous year (2 million 813.1 thousand m2), Turan was told in the State Customs Committee. It is noteworthy that these data do not match the State Statistics Committee data on volumes of production of fabrics.
According to the State Statistics Committee, in 2013 the textile mills of the country wove 383.0 thousand m2 of cotton fabrics. How, in this case these factories exported 2.8 million m2 tissue remains a mystery. Last year, the official production of cotton fabrics increased by 60% and amounted to 836 thousand m2. This year, the growth rate of the production remains at the same level. For the first quarter 275.9 thousand m2 was woven (+ 56.8%). 454.6 thousand m2 ready for sales is in warehouses.
It should be stressed that until recently, when the country did not have such large and modern weaving mills as Textile Park Gilan, the volume of production was much higher than today. For example, in 2001-2007 2.2-4 million m2 of cotton was woven.
In 2012, a factory of Gilan equipped with Belgian looms Picanol and a German calibration machine brand Karl-Mayer was built in Sumgayit. The production capacity reached 8.5 million meters of wet tissue per year. Manufactured products consist of 100% cotton and blends of cotton and polyester. The width of the produced crude tissue reaches from 0.90 cm to 3.40 cm, Gilan reported.
According to official statistics, the lion's share of fabrics used in the country is imported. In 2014, import of fabrics was about 16.1 million m2, an increase of 8%. Imported cotton fabrics are registered in the Azerbaijani customs at an average price of $ 163 per 1,000 m2. In 2013, this figure was even lower than that -122 $ / 1,000 m2. Azerbaijani fabrics were exported in 2014 at a price of $ 704 / 1,000 m2, which is 25% more than in 2013.
In retail fabrics are from 2 to 15 per square meter. In other words, there is a fact of corruption and tax evasion both in production and customs procedures.
In 2014, imports of cotton fabrics into Azerbaijan in monetary terms amounted to $ 2 million 623.4 thousand (+ 44.3%). Georgia last year imported this product in the amount of $ 4 million 470.6 thousand ----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