During the ten months of this year, goods worth a total of $ 6 billion 958 million were delivered to Azerbaijan, which is $ 237.7 million less than the volume of imports. In previous years, when the country exported crude oil in much larger quantities, this difference was measured several billion US dollars.
According to the State Customs Committee, in October, imports of goods ($ 755.6 million) exceeded the export figure by $ 111.1 million.
In just 10 months of 2016 the foreign trade turnover of Azerbaijan amounted to $ 14 billion 153.6 million, 23.2% down compared to the same period last year. At the same time, exports fell by 34.5%, and imports – by 6.5%.
Over the past period of this year, government organizations imported goods for $ 970 million and exported goods for $ 5 billion 594 million.
The worsening economic situation in the country is also associated by independent experts with the reduction in oil revenues and their inefficient usage. The country's economy is not diversified, and some of its sectors are under the control of monopolists, oligarchs. The government itself also states that it did not expect a collapse in crude oil prices in the medium term. ----08D
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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