Foreign trade turnover decreased
In January-June 2013 foreign trade turnover of Azerbaijan amounted to $17144.5 million, which is by 0.16% lower than a year earlier. Trade turnover decreased as a result of reduced export operations by 5.8%.
According to the State Customs Committee, in the first half of this year, Azerbaijan exported goods amounting total of $ 11,970 million. Great share of exports (more than $11 billion, or 92.25%) is the energy resources (crude oil, petroleum products and natural gas.) The share of EU countries accounting for 48% of exports ($ 5,748 million.) The share of public sector in the export portfolio is 94% ($ 11,253 million.)
Over the reported period, the volume of supplied goods is $5 174.5 million, by 16% more than over the compared period of 2012. Imports of goods from EU countries amounted to $ 1,741 million, or 33.6% of imports. The share of the public sector accounted for 31% ($ 1.6 billion) of imports.
The foreign trade balance amounted to $ 795.5 million. This year, Azerbaijan had trade relations with the 137th country in the world; 1,560 items of goods were imported, and 5347 were imported. Import-export business employs 4,786 business entities, of which 3067 is a legal entity, including 233 companies belong to the public sector. --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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