Falling production levels and oil prices affected the foreign trade turnover of Azerbaijan with the European Union. In January-September it amounted to $ 7 billion 251.3 million (minus 36.84% to October 1 of the previous year).
Hardest hit were export positions (minus 42.91%) - to $ 5 billion 282,800,000. Decline in imports was more modest - 11.62%, amounting to $ 1 billion 968.5 million.
However, the European Union continues to lead in the exports, especially Italy. This accounts for 60.24% of the total volume, while the imports are only 29.92% of the total. As for Italy, its leadership is expressed by the following figures - exports decreased by 55.37% ($ 1 billion 798.9 million), while imports reduced by 93.7% ($ 357.9 million).
In January-September, the total foreign trade turnover dipped by 35.72% ($ 15 billion 348,500,000), of which $ 8 billion 769.9 million was the share of exports and $ 6 billion 578.5 million. - imports. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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