For the first two months of 2013 transit cargo transportation in the Azerbaijan section of the corridor Trans Europe - Caucasus - Asia (TRACECA) amounted to 2 million 852.5 thousand tons. This was 0.1% more than in the corresponding period of 2012. Last year the freight along the corridor as a whole decreased by 3.2%.
In the State Statistics Committee they told Turan that the share of railway accounts for 1 344.1 thousand tons (+3.9%) and maritime transport accounts for 1 508.4 thousand tons (3%) of transit.
According to the State Customs Committee, in January and February of 2013 the volume of freight transportation through the territory of Azerbaijan amounted to 3,087 tons (46.3%).
The program of inter-regional technical assistance program TRACECA was initiated in May 1993 to develop a transport corridor from Europe through the Black Sea, the Caucasus, and the Caspian Sea with access to the Central Asian countries. - 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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