The share of 10 countries accounts for 57.4% of Azerbaijan's foreign trade turnover for the 10 months of this year.
Partners of Azerbaijan in foreign trade from January to October were representatives of 147 countries, with 10 of which the turnover exceeded $ 1 billion.
According to the State Customs Committee, Italy accounts for 17.59 % of the country 's foreign trade turnover with the index in excess of $ 5 billion with 96 % of the turnover being oil exports to Italy.
Oil exports to Indonesia and Thailand amounted to $ 4.7 billion.
Russia ($ 2,176 million) is in the third place in Azerbaijan's trade turnover. The trade between Azerbaijan and Russia can be considered diversified - the import of Russian goods in January - October 2013 totaled $ 1,278.8 million and the exports to Russia were $ 897.5 million. Russia is the largest exporter of goods to Azerbaijan. It is followed by Turkey, which has exported goods worth 1,209 million to Azerbaijan since the beginning of this year. Britain exported goods totaling over $ 1 billion. It accounted for 11.5 % of the Azerbaijani imports. - 08D -
Economics
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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.
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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."
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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.
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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.
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