In January of this year, Azerbaijan's foreign trade amounted to $ 1 billion 852 million, which is 23% less than in the same month last year.
While in January 2014, foreign trade surplus amounted to $ 1 billion 335,600,000, last month it decreased to $ 703.6 million.
According to the State Customs Committee, last month, the export of oil, natural gas and oil derivatives decreased compared to January 2014 in terms of money by $ 597.7 million to $ 1 billion 152,100,000. The share of hydrocarbons in the structure of exports amounted to 90 1%. The volume of non-oil exports, also considering electricity, increased by $ 4.7 million and was $ 125.7 million in January. Overall, 92.6% of exports accounted for the public sector.
In January goods worth $ 574.2 million were imported. This is 7.1% more than in January 2014. The share of food ($ 72.4 million) accounted for 12.9%, machinery, tools and equipment ($ 165 million) - 28.7%, vehicles ($ 53,100,000) - 9.2%, and ferrous metals ($ 83.5 million) - 14.5% of imports. ---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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