Turkey strengthens its position in the export of goods into Azerbaijan.
In terms of the first seven months of this year, with a weight 15.8% in the total imports of Azerbaijan, this country exceeded the nearest rival (Russia) by 1.6%.
According to the State Customs Committee of Azerbaijan, in January-July this year, Azerbaijan imported goods from Turkey for a total of $ 837.4 million. With a total of $ 1,173 million indicator Turkey ranks fifth in the turnover between Azerbaijan and foreign countries.
The share of Turkey in the exports of goods from Azerbaijan is 2.38% with $ 335.2 million. It also holds the 13th place in the list of active trade partners of Azerbaijan.
The top five countries importing goods from Azerbaijan are Italy ($ 3.1 billion and 22% of Azerbaijan's export in the last 7 months), Israel ($ 1.4 billion, 9.9%), Indonesia (U.S. $ 1.2 billion, 8 , 66%), France ($ 1.1 billion, 7.8%) and India ($ 933 million, 6.6%). - 08D-
Economics
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In Baku, grappling with growing environmental challenges, experts and policymakers convened on Friday for an international scientific conference titled “Sustainable Environment: Transition to Green Energy.” The event highlighted the urgent need for innovative strategies to combat pollution and advance renewable energy initiatives.
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Kazakhstan is set to increase its oil transit through the Baku-Tbilisi-Ceyhan (BTC) pipeline by 5.1% in 2024, reflecting growing regional cooperation and diversification in energy routes. According to figures obtained by Turan News Agency, the total volume of Kazakh oil transiting through the BTC pipeline is projected to exceed 1.464 million tons, up from 1.392 million tons in 2023.
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In a groundbreaking development for Azerbaijan’s energy sector, GL Group, a prominent Azerbaijani oil company, has announced plans to drill the country’s first horizontal well on land, reaching a depth of 4,400 meters with a lateral section of approximately 400 meters. The project, a milestone in the region’s oil exploration history, is set to take place at the Kirsangi-Garabaghly onshore fields.
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The Central Bank of Azerbaijan (CBA) forecasts an annual inflation rate of 5.1% by the end of 2024, comfortably within the target range of 4% ± 2%. However, recent data indicate that inflationary pressure has significantly eased over the year: in October, the inflation rate stood at 3.4%, slightly down from 3.5% in September. Official data for November have not yet been released, leaving room for speculation about possible year-end adjustments.
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