In January-September the foreign trade turnover of entrepreneurs of Azerbaijan amounted to $ 17 billion 608.2 million. This is almost $ 10 billion less than in three quarters of 2014 (mainly due to falling oil exports). Exports accounted for $ 11,709,500,000, and imports – for $ 5 billion 898.7 million.
According to the State Statistics Committee, participants in the operations were legal and natural persons of 144 countries. Products were exported to 96 and imported from 129 countries. In the first place, there was Europe – 45, 41 were for Asia, and 28 - for the New World.
The leading positions are for the export of crude oil, petroleum products and natural gas. They are followed by agricultural products, products made of aluminum and plastic and chemical products. In the imports in the first place are food, cigarettes and tobacco products, pharmaceuticals, ferrous metals and products made of them, as well as cars, machinery, electrical equipment, motor vehicles and spare parts. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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