
Volume of Non-oil-gas Exports Increased by $ 110 million
In January-May this year, the volume of foreign trade operations of Azerbaijan with 133 countries of the world amounted to $ 9 billion 350 million, which is 28% less than in the comparable period in 2014.
According to the State Customs Committee, in the first five months imports of goods amounted to $ 4 billion 67.7 million. This was 15.9% more than in the same period last year. The share of the public sector accounted for 20.2% ($ 824.6 million) of imported goods.
During the same period, exports of goods amounted to $ 5,282,200,000, which is 44.3% less than in the five months of 2014 ($ 9 billion 479 million). Of these, only 11.3% ($ 596.2 million) accounted for the non-state sector.
The share of oil and gas sector in the structure of exports in the five months amounted to 85.9%. The volume of exports of goods of the non-oil-gas sector amounted to $ 711.1 million - an increase by $109.8 million over the five months of last year.
It should be noted that the volume of imports of goods in May was $ 664.7 million and the exports were $ 1 billion 11.9 million.
Despite the sharp decline in exports of goods the foreign trade turnover of Azerbaijan for five months was still positive - $ 1 billion 214.8 million. -----08D
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- Politics
- 18 June 2015 18:25
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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