![In Short Term, Increase in Non-oil Exports Unattainable - Rovshan Agayev](https://turan.az/resized/./turan-750-500-resize.webp)
In Short Term, Increase in Non-oil Exports Unattainable - Rovshan Agayev
Foreign Trade Statistics in 2016 shows that in the short term goals of import substitution and increase in non-oil exports are out of reach, says economist Rovshan Agayev.
The expert noted that on the results of 2016 the reduction in the import amounted to approximately 700 million dollars (7.6%). The reduction in imports was mainly due to the public sector.
Import of cars reduced 4.5 times, from 23.8 thousand to 5 thousand.
The reduction in exports was even more - $ 2.3 billion (20%).
As a result, the surplus in foreign trade balance amounted to 610 million dollars.
"This is the lowest figure since 2007. In the years 2008-2014 each year the surplus in foreign trade was always above 10 billion dollars. Only in 2015, after a sharp drop in oil, this figure fell to 2.2 billion USD," Agayev said.
Non-oil exports were equal to 1.258 billion dollars and amounted to 13.7% of total exports. Compared with 2015 the volume of non-oil exports fell by 28%.
"For many years, it was possible to hold the manat thanks to a huge trade surplus. Large foreign exchange funds derived from exports covered the large deficit in the service balance and the financial account of the country. Currently, the reduction in the surplus of the trade balance caused the current account deficit and the overall balance of payments," Agayev said. 71D
Economics
-
Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
-
Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
-
The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
-
There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
Leave a review