In August 2015 the volume of foreign trade operations of Azerbaijan totaled $ 1.3 billion. That is the lowest figure since the beginning of the year. The month's surplus was only $ 116 million in favor of exports, while in August last year the figure was $ 1 billion 373 million, according to the State Customs Committee.
According to customs statistics, exports fell in August compared with July by $ 530 million, and imports – by $ 12.2 million. The declining trend in the volume of imports has been observed since May.
In January-August 2015 the foreign trade turnover of Azerbaijan totaled $ 14 billion 82 million, which is 32.8% less than in the same period of 2014.
The volume of exports of goods amounted to $ 8 billion 183.5 million (-46.7%) and imports were $ 5 billion 898.7 million (5%).
The positive balance of foreign trade amounted to $ 2 billion 284.8 million, while for the period of 2014 export revenues exceeded the volume of purchases abroad by $ 9 billion 937.4 million. --08D-
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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