In 2015, Azerbaijan spent 1 billion 586.8 million on the purchase of foreign products from ferrous metals. This is more than five times the volume of local production.
According to the State Customs Committee, in just nine months in 2015 over 960 thousand tons of ferrous metal was imported, which is 1.8 times more than in the first 9 months of 2014. While last year's melting steel in Azerbaijan amounted to only 302.2 thousand tons.
According to the State Statistics Committee, in 2015 the production of rebar totaled 223.2 thousand tons, 11.3% less than in 2014. Decreased (-16.8%), production of steel pipes. During the year 29.8 thousand tons of steel pipes were produced. ----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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