Negative Balance of Foreign Trade Turnover Fixed
Whereas by 1 July of the previous year surplus of Azerbaijan's foreign trade turnover amounted to $ 1 billion 532 million 883.28 thousand, the balance was negative in this year's January-June (minus $ 225 million 770.33 thousand). The information was made public by the State Customs Committee.
The total foreign trade turnover by July 1 was at a level of $ 7 billion 868 million 693.64 thousand (minus 28.05% to the same period last year) with the reduction of exports ($ 3 billion 821 million 461.66 thousand) by 38.7% and imports ($ 4 billion 47 million 231.98 thousand – by 13.98%.
Still the supply of cheapened oil and gas production (oil, oil products and natural gas) accounted for 84.4% of total exports, which affects the balance of turnover. Fruits and vegetables made 4.36% of exports, while other supplies were insignificant.
Of the imported positions in the lead are cars, machinery, electrical equipment and spare parts - 23.02%, foods – 14.79%, ferrous metals and products from them – 14.27%, motor vehicles and parts - 12.54% and an incomprehensible count of Others - 24.64%.
The main official export trading partners were traditionally Italy (19.91%), France (9.02%), Germany (8.69%), Taiwan (7.88%) and Israel (6.19%). Russia and Turkey do not appear in the list, but they are in the list of priority suppliers of products to Azerbaijan. They are in the lead with 18.35 and 13.02%, respectively, China - 6.37%, the UK - 6.27%, and the US - 6.06%. --17D-
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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