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 Milli Majlis ratified the second amendment to the agreement on the joint development of the Azeri-Chirag-Gunashli (ACG) oil and gas block during its plenary session on Wednesday. The bill was submitted to parliament as a legislative initiative by President Ilham Aliyev.
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The 104th meeting of the Commonwealth of Independent States (CIS) Economic Council was held in the Russian capital, with representatives from member states discussing enhanced economic collaboration and key regional initiatives. Azerbaijan was represented by First Deputy Prime Minister Yagub Eyyubov.
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Azerbaijan’s Information and Communication Technologies Agency (IKTA) reported significant improvements in the quality of internet and telecommunications services in the first half of 2024, driven by a comprehensive assessment framework and enhanced regulatory measures.
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In 2024, Azerbaijan will double its gas supply to Bulgaria, which not only uses this gas for its own needs but also partially sends it to its Balkan Gas Hub and, by agreement with SOCAR, organizes the transit of various volumes to its neighbors.
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