In the four months of this year, local manufacturers sold furniture totaling 10 million manat, which was 23% less than in the comparable period in 2014. Taking advantage of this, importers intensified their business.
According to the State Customs Committee, in January-April imports of furniture amounted to $ 43 million, which was 75% more than in the four months in 2014.
According to observations by the State Statistics Committee, from beginning of the year, retail prices of furniture in Azerbaijan rose by an average of 1.5%
The volume of the furniture market in Azerbaijan, according to official data, is estimated at about $ 150 million per year. Approximately 75% of the market belongs to producers from Turkey, China, Italy and others. -----08B
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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