Foreign trade surplus increased by 4.8%
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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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.
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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.
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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.
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"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.
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