Foreign trade turnover decreased by 11.7%
For five months of this year, foreign trade turnover amounted to about $ 13 billion, which is 11.7% less than in the comparable period of 2013. In value terms, the reduction in imports and exports nearly the same - about $ 850 million
According to the State Customs Committee (SCC), the volume of exports from the country ($ 9,480 million) decreased by 8.6%.
Crude oil exports ($ 8.2 billion) decreased by 4.8%, petroleum products ($ 415 million) - 25.1%, natural gas (189.3 million) - 45.2%. However, the hydrocarbon feedstock and its products ($ 8.8 billion) dominate in the export structure of the country - 93%.
The volume of imports of goods amounted to $ 3.5 billion, a decline of 19.5%. The volume of imports decreased mainly due to the public sector. If in January-May 2013 SOEs imported goods valued at $ 1418 million, this year the figure fell to $ 956 million.
Since the beginning of the year the share of EU countries accounts for about $ 1 billion, 84 million (30.8%) of imports and 4,950 million (52.2%) of exports. Foreign trade surplus amounted to $ 5969 million
According to independent studies on the principle of "mirror statistics" of a number of countries with active trade relations with Azerbaijan, part of imports of goods hidden or declared at low prices with the aim of granting customs structure of budgetary funds. We are talking about several hundred million U.S. dollars. - 08D-
Economics
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The monopolists of the Azerbaijani internet services market, LLC Aztelekom and LLC Baktelekom, have agreed to raise the minimum monthly internet package price from 18 AZN for 40 Mbps to 25 AZN for 100 Mbps starting August 15. Explaining the new price, these companies want to convince the public that the price has dropped since the internet speed will increase by 2.5 times, thus reducing the cost per Mbps from 45 qapik to 25 qapik. There is no information about the technical innovations in the company that will ensure high traffic speed.
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The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has reported a 3.3% increase in its gold investments compared to last year, according to the fund's investment activity results for the second quarter of 2024. Gold investments now account for $8.57 billion, or 14.8% of SOFAZ's US Dollar Portfolio.
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Azerbaijan's Minister of Digital Development and Transport, Rashad Nabiyev, announced on the social network "X" that during the visit of Israel's Minister of Regional Cooperation, David Amsalem, to Azerbaijan, discussions were held on cooperation in innovation, space, and aviation.
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Azerbaijan is bracing for heightened expectations of currency devaluation as declining oil revenues and mounting inflationary pressures fuel concerns over economic stability, experts warn.
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