The transit of international freight corridor TRACECA in Azerbaijan has decreased due to the fall in traffic of Central Asian crude oil. In January-May, the volume of transit cargo decreased by 32.9%.
According to the State Statistics Committee, the first five months of this year on the territory of Azerbaijan there were transported 2 million 890 thousand tons of transit goods. Water transport transit (1 452.4 thousand tons) declined by almost half. Transportation of transit cargo by rail (1 437.6 thousand tons) decreased by 4.9%.
Azerbaijan continues to build an international trade port in the Alat settlement to increase the dry cargo transit. In 2017 commissioning of the railway line Baku-Tbilisi-Kars is expected. In parallel to the end of the year it is planned to complete construction of the Azerbaijan section of the Baku-Astara-Astara-Rasht-Gezvin (Iran) international transport corridor North-South. -08D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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