Foreign Trade Turnover Decreased 23%
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
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- Social
- 20 February 2015 11:52
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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