
Foreign trade turnover decreased by 8%
In the first ten months of this year, Azerbaijan had foreign trade ties with 150 countries for a total of $ 27.4 billion at actual prices. This is 7.9% less than in the comparable period of 2011.
According to the published data of the State Customs Committee, in January-October this year, Azerbaijan exported goods totaling $ 19.7 billion, which is 10.8% less than the same period last year. The total declared value of imported goods amounted to more than $ 7.6 billion or 0.4% more than in the same period of 2011.
Positive balance of trade of the country for the period indicated, to over $ 12 billion
The share of oil and gas in the country's export portfolio was 93.25% ($ 1.4 billion).
State share in the import-export operations considerably prevails over the share of private business. The share of public sector in exports is 94.2%, and imports - 21.8%. - 08D-
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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