In the first half of 2014 the volume of foreign trade turnover amounted to $ 370.9 million, 15 which is 10.3% less than in the comparable period of 2013. Due to the reduction of export operations by 20.2% trade surplus grew at an annualized rate of 4.8%.
According to the State Customs Committee (SCC), the volume of exports from Azerbaijan for the six months was $ 11.2 billion, which is 6% less than in the first half of last year. The volume of oil, gas and petroleum products in the structure of exports amounted to 92.5% ($ 10.4 billion), which is 0.25% higher than in the comparable period of 2013.
The volume of imports of goods amounted to $ 4.1 billion, imports decreased due to the decrease in supply of timber ($ 64 million, minus 60%), ferrous metals ($ 429 million, minus 34%), vehicles ($ 370 million, minus 53%) and other products.
Since the beginning of the year the share of EU countries account for about $ 1 billion 278.7 million (30.9%) and imports $ 5.8 billion (52.2%) of exports.
Foreign trade surplus amounted to $ 121.6 million 7, which is 4.8% more than in the first half of 2013. - 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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