Foreign Trade Turnover Decreased by 7.6%
For eight months of this year, Azerbaijan had foreign trade relations with 146 countries of the world for a total of $ 21.8 billion, which is 7.6% less than in the comparable period of 2011.
According to the published data of the State Customs Committee, in January-August this year, Azerbaijan exported goods totaling $ 15.8 billion, which is 11% less than in the same period last year. The total declared value of imported goods amounted to more than $ 6 billion, or 3% more than in the same period of 2011. Thus, the positive trade balance of the country for the mentioned period was $ 9.8 billion.
The share of oil and gas in the country's export portfolio was 93.4% ($ 14,782 million). - 08D-
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- 24 September 2012 17:39
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- 24 September 2012 18:58
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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