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 is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
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Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
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Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
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Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
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