Monthly plan customs perform under any circumstances
In the first quarter of this year by the State Customs Committee transferred to the state budget of 732.8 million manat, which is 14.5% more than in the same period of 2013.
In June, customs payments for imports of goods amounting to 135.3 million manat were provided. This is 2 million manat more than in the previous three months. It is noteworthy that in the early months if the ratio of the two main types of customs revenue (customs duty and VAT) is one to three, then in June the volume of import duties (63.5 mln) almost approached the VAT (66 million manat).
In the first half of the year duties amounted to 184.4 mln and VAT - 513 million manat. The plan on customs duties was performed, despite the reduction in the volume of imports. - 08D-
Economics
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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
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