In the first 11 months of this year, the foreign trade turnover amounted to $ 18.8 billion, which is 34.7% less than in the comparable period of 2014, according to the State Customs Committee.
During the reporting period, exports of goods totaled $ 10.6 billion. This is 48.7% less than in the comparable period in 2014. Purchased abroad were goods worth $ 8 billion 196,100,000, 1% more than in January-November last year.
According to the SCC, in November, exports of goods fell by $ 140.6 million, and imports – by $ 106 million and amounted to $ 854.3 million and $ 756.1 million respectively.
The share of oil, natural gas and petroleum products in the export structure has made 86% since the beginning of the year.
Many experts are of the opinion that the real volume of imports is at least 30% more than the official figures of the SCC. Part of the import is hidden from customs clearance, and prices for many goods are declared at reduced prices. Therefore, the amount of funds for the purchase of goods from abroad is much more than the amount stated by the customs. It is one of the factors adversely affecting the real exchange rate of the national currency. -----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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