Non-oil exports increases by $116 million
In the first half of this year, exports of non-oil products from Azerbaijan totaled $ 929 million; this is by $ 116 million, or by 11.4% more than in the comparable period of 2012. Growth was due to lower crude oil exports over this period exceeded $1 billion, according to the State Customs Committee.
According to the State Customs Committee, during the reported period of the year the volume of sugar exports ($ 122.9 million, or 37.9%) increased considerably, vegetable oils ($ 116.2 million +11.6%), tea ($ 20.2 million , +6.1%), alcoholic and non-alcoholic beverages ($ 14.3 million, 63.3%) and cotton ($ 12.1 million, 113.5%.)
It is noteworthy that during this period, exports of chemical products decreased by $64 million and totaled $32 million. The tendency of lowering exports was observed in the production of non-ferrous ($ 43.4 million or -13.9%), iron and steel ($ 57.5 million, or 12,8%.) 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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