Share of oil and oil products in Azerbaijan’s export starts declining, according to the Azerbaijan State Customs Committee.
During 2013 89.48% of Azerbaijan’s export fell to oil and oil products. In 2012 this showing constituted 90.16%.
According to the Committee, during 2013 84.44% of Azerbaijan’s export fell to crude oil and 5.04% to oil products. Oil export increased by 0.28% and oil products export dropped by 8.53% against 2012.
In 2012 84.63% of Azerbaijan’s export fell to crude oil and 5.53% to the oil products.—0—
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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