Non-oil and Non-gas Exports of Azerbaijan Fall by 3.1%
In the first eight months of this year the volume of non-oil and non-gas exports of Azerbaijan amounted to $ 1 billion 94.7 million. This was $ 35 million or 3.1% less than in the comparable period in 2014.
According to the State Customs Committee, export of fruits and vegetables ($ 141.3 million) decreased by 2.7%, tea ($ 10.9 million) – by 43.9%, sugar ($ 152.4 million) – by 2.6 %, food oil ($ 101.3 million) – by 30.1%, and alcoholic beverages and soft drinks ($ 16.4 million) – by 25.4%.
During this period, Azerbaijani producers of plastic products exported goods worth $ 73.8 million and ferrous metal products were exported for $ 19.7 million. This is respectively 21.3% and 28% less than in January-August 2014.
Since the beginning of the year the export of chemical products has amounted to $ 70.1 million, an increase of 53.7%. Aluminum exports ($58.9 million) increased 9.2%. ----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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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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