For two months of this year, Azerbaijan produced 54 thousand tons of steel castings, which is 1.8% less than in the same period last year. The bulk of steel (84%) is used in the production of building fittings.
For 2 months, 45.3 thousand tons of reinforcement were produced, 71.7% more than last year. At the same time, as of March 1, about a third of the fittings (13.7 thousand tons) accumulated in warehouses, the State Statistics Committee reported.
The situation with exports of ferrous metals is also not better. According to the State Customs Committee, 14.3 thousand tons of ferrous metals and articles of ferrous metals, including steel pipes, were exported in two months, which is 68% less than last year. In value terms ($ 13.5 million a), exports decreased by 37.2%.
Since the beginning of the year, 102.2 thousand tons (-3.4%) of ferrous metal products were imported for a total of $ 101.6 million. ----08D
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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