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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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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