Imports of Motor Vehicles Declined Again in June
In June, Azerbaijan received 340 vehicles, 151 less than in May.
According to the State Customs Committee, in January-June 2,573 cars were purchased abroad, 15,067 or 6.8 times less than in the comparable period of 2015.
Since the beginning of the year, 2,222 passenger cars, 39 buses, 252 trucks and 60 units of special equipment have been delivered.
The automobile market in Azerbaijan is experiencing a serious crisis. In connection with reduction in the volume of imports difficulties appeared in many automotive companies, representatives of foreign cars. The situation is complicated also because of the problems in the banking sector, which due to the financial crisis virtually stopped lending to car sales. -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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