Over One Thousand Cars Imported
For two months of this year Azerbaijan purchased 1,003 vehicles abroad, which exceeded the indicator for the comparable period of 2016 by 22%. The increase in imports may indicate an increase in consumer activity, which in 2016 fell to a minimum.
Imports of trucks (139 units) showed a twofold increase, according to the State Customs Committee.
Representatives and dealers of foreign cars in Azerbaijan, as well as individuals, supplied 852 cars from abroad, which is 15.6% more than last year. -----08D
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- Social
- 17 March 2017 11:44
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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