For seven months this year, the foreign trade turnover amounted to $ 19,381 million, which is 5.9% less than in the comparable period of 2011. Reduction in the volume of foreign trade is associated with a decline in crude oil exports.
According to the State Customs Committee of Azerbaijan, with the beginning of the year exports amounted to just over $ 14 billion, which is 9% less than in January-July 2011. This included crude oil - $ 12.1 billion, petroleum products - $ 697.4 million and natural gas - $ 340 million, thus the share of oil and gas sector ($ 13.1 billion) in export for the first seven months was 93.3%.
The volume of imports of goods in Azerbaijan over the seven months of this year totaled $ 5.3 billion, an increase compared to the same period in 2011 by 3.47%. The public sector accounts for 20.6% of the imported goods.
Positive balance of foreign trade turnover with the beginning of the year amounted to $ 8,783 million. - 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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