Shipping services increase by 0.4%
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
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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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