Foreign Trade Turnover Increased for First Time after Oil Prices Fell

In January of this year the trade turnover with 117 countries totaled 1 billion 254.6 million US dollars, an increase compared to the same month last year by 16.8%, for the first time after the collapse of oil prices, according to the State Customs Committee.

The positive balance of foreign trade amounted to $ 354.5 million.

In January, exports of goods totaled $ 804.6 million, 25.7% more than in January 2016. The share of crude oil, petroleum products and natural gas accounted for 88.5% of exports. Goods in the amount of $ 728.9 million were exported by state owned enterprises (SOE).

Last month growth of imports was registered. The volume of imports amounted to $450 million, 3.6% more than in January 2016. It is necessary to bear in mind that this is the lowest index of imports to Azerbaijan in February 2016.

In January, SOEs imported goods worth $ 44.9 million, which is $ 4.6 million more than in January 2016. It should be emphasized that in 2016 the President ordered the suspension of imports of goods by SOEs. Such imports could be carried out only in exceptional cases.

In January 2016 the foreign trade turnover decreased by 40.62% in comparison with January of the previous year. ---08D