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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Fitch Ratings has upgraded Azerbaijan’s long-term foreign currency issuer default rating (IDR) from “BB+” to “BBB-,” signifying an investment-grade status with a stable outlook. Despite this positive move, the agency highlighted several economic hurdles that could impact the country's progress.
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The number of overnight stays in hotels and hotel facilities in Azerbaijan surged by 35.8% in the first half of 2024 compared to the same period in 2023, reaching 1.851 million, according to the State Statistics Committee of Azerbaijan.
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Azerbaijan will unveil a unified electronic portal for real estate early next year, according to Nigar Alimova, Chairman of the Board of the State Cadastre and Real Estate Register at the State Property Service of the Ministry of Economy.
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AzerGold CJSC’s sorption leaching plant, located at the Chovdar Integrated Regional Processing Site (CHIRUP) in Dashkesan district, has commenced full-scale operations, the Ministry of Economy announced.
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