Foreign trade turnover decreased by 11.5%
Within two months of this year, the volume of foreign trade turnover amounted to about $ 5 billion, which is 11.5 % less than in the comparable period of 2013. There was marked downward trend for import and export operations.
According to the State Customs Committee (SCC ) , the volume of exports from the country ($ 778.5 million 3 ) decreased by 9.7%. The export of crude oil ($ 3 268.7 million ) decreased by 7.7% , petroleum products ( $ 169.8 million ) - 10.2% , natural gas ( 108.6 million ) - 42.5%. Nevertheless , the share of oil and gas ( $ 3.5 billion ) in the country's export portfolio , still prevails and has made two months of this year to 93.8 %.
Imports of goods totaled $ 1 billion 19 million, down 17%. The volume of imports decreased mainly due to the public sector. If in January-February SOEs imported goods worth $ 448 million, this year the figure fell to $ 244 million.
The countries of the European Union this year, account for about $ 2,073 million (55%) of exports and 381.2 million (32%) of imports.
Foreign trade surplus amounted to $ 2588 million - 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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