Structure of Imports Not Changed
Although import growth (+ 16.6%) during the 7 months of this year, its structure by commodity has not changed. This suggests that the needs of the economy and the consumer market remained stagnant, while import replacing the production of products not yet established.
The share of investment goods (machinery, appliances and equipment) accounted for over a quarter of imports. In the seven months of this year, imports of goods of this nomenclature were $ 1,583 million, up 8% over the comparable period in 2012.
12.2% increased imports of vehicles, which is mainly due to the supply in the country of new civil aircraft. The share of vehicles and their spare parts in the structure of imports in January-July 2013 with a rate of about $ 0.9 billion was 14.5%.
Food imports increased by $ 38 million, and its share in total imports remained approximately at the same level - about 10% ($ 624 million).
This year, by 40% increased wheat supplies to Azerbaijan (excluding flour). The share of wheat and wheat flour imports amounted to 3.5% (in 2012 - 2.7%). Until October of this year, the country has a mode cancellation of VAT on imports of wheat and wheat flour.
Ferrous metals market is still in a state of dependence on imports. Since the beginning of the volume of imported steel products amounted to $ 763 million. That is $ 55 million more than the year before, and $ 105 million - than in January-July 2011. - 08D-
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- 28 August 2013 17:08
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- Economics
- 28 August 2013 17:16
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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