Imports of Vehicles Decreased by Nine Times
January was the most critical month for vehicle providers. During the month they imported only 437 vehicles, 2.6 times less than in the previous month.
According to the State Customs Committee, import of vehicles in January decreased compared with the same period last year (4,090 units) by 9 times.
The total delivered from abroad included 401 cars, 26 trucks, 5 buses and 5 items of special equipment.
Experts believe that the automotive business is a kind of "litmus test" of the economy. Against the backdrop of falling oil revenues, Azerbaijan is facing reduced business activity and income. --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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