cargo carriages by sea by the Azerbaijani trade ships have decreased by the end of the year; however, the volume of carriages shows a positive trend (+0.4%). Over ten months of this year Azerbaijan Caspian Shipping Company transported 10,334,400 tons. The entire volume of carriages was on the Caspian area. For the third year the Azerbaijan Caspian Shipping Company as the Company does not enter international waters in the Black Sea and the Mediterranean because of the high rates of navigation of the Russian Federation on the Volga-Don canal. Also in the shipping company admitted that there is much to do in the Caspian Sea. In order to cope with growing freight traffic, several tankers and ferries were bought.
The share of oil products account for 61.2% of carriages. The remaining 38.8% are dry cargo.
According to the Azerbaijani State Statistics Committee, in January-October this year the country's ports handled 9.9 million tons of cargo. Of these, 86.5% are transit goods, and transit has increased by 2.1%. -08D-
Economics
-
Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
-
Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
-
Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
-
In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
Leave a review