In January of this year, according to the State Customs Committee (SCC), the transfer to the state budget of 103 million 745.7 thousand manat was provided. This is 6.6% more than in the same month last year. However, with this rate it is unlikely to be able to collect the target established for the customs this year - 1 billion 590 million manat.
According to the State Customs Committee, in January 31.9 million manat or 30.8% of customs revenue accounted for import duties. A year earlier, the share of customs duties in the fee structure of the SCC was 19.5%. VAT was collected in the amount of 66.3 million manat, which is 8.1 million manat less than in January 2014.
From 1 March, new excise rates on certain types of goods (cars, jewelry, alcohol and cigarettes) come into force in Azerbaijan.
Independent analysts say that the resources to ensure the collection of customs duties and taxes make it possible to exceed the annual forecast. Referring to the "mirror statistics" of many of the leading trade partners of Azerbaijan, it is said that every year about 25% of imports of Azerbaijan are not reflected in customs statistical reports. ----08D
Economics
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Azerbaijan's tourism industry has shown marked signs of recovery and growth in the first nine months of 2024, underscoring the sector's resilience and adaptability in the post-pandemic landscape. As of September 2024, nearly 2.086 million foreign tourists visited Azerbaijan, a robust increase of 30.2% compared to the same period in 2022. The country witnessed a particularly strong performance in July 2024, with 271,591 tourists—a 21% rise from July last year.
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Freight traffic along the Trans-Caspian International Transport Route has shown a remarkable increase in the first nine months of 2024, bolstered by a concerted push from participating countries to enhance their transport corridors and logistical frameworks. The strategic corridor, which links Asia and Europe via the Caspian Sea, has seen cargo volumes surge by 2.7 times compared to the same period in 2022, highlighting its growing significance as a viable alternative to traditional trade routes.
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In September 2024, the prices of building materials in Baku increased by an average of 0.9% compared to the previous month, reflecting a stable yet slightly inflationary trend in the construction sector. This trend has been driven by a mix of local demand factors and fluctuations in import prices, particularly for materials such as timber and rebar.
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The British Islamic Trade Association and the Association of Food and Beverage Producers of Azerbaijan signed a Memorandum of Understanding (MoU) during the first Azerbaijan Halal Business and Tourism Forum (AZHAB Forum), held in Baku on October 8-9, 2024.
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