From January to April 2018 88.44% of Azerbaijan's export fell to oil and oil products.
A source from the Azerbaijan State Customs Committee said that during this period 83.5% of Azerbaijan's export fell to crude oil and 4.89% - to oil products.
In 2012 this index constituted 90.16%. Last year 84.63% of Azerbaijan's export fell to crude oil and 5.53% - to oil products.
According to the statistical information of the Customs, since early this year share of oil and oil products in export of the country went down. This is connected with reduction of volume of export of both oil and oil products. In quarter 1, 2013 oil production from Azeri-Chirag-Guneshli (ACG) field dropped by almost 8%. The demand in oil products at the local market increased, which has led to reduction of their export.-0-
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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