TODAY.AZ / Business

Currency influx almost doubled

15 October 2018 [14:59] - TODAY.AZ

By Azernews

By Sara Israfilbayova

The volume of foreign currency earnings in Azerbaijan reached $5.71 billion in January-September 2018, which is almost twice as high as the indicator of the same period of last year.

In general, revenues from the sale of Azerbaijani oil abroad reached $11.588 billion, according to the State Customs Committee of Azerbaijan.

The export of Azerbaijani products for the nine months of the year amounted to $14.26 billion, and imports reached $6.35 billion.

The main export products in the reporting period were crude oil - $11.59 billion (81.2 percent), natural gas - $1.029 billion (7.2 percent), petroleum products - $425.1 million (3 percent), fruits and vegetables - $342.5 million (2.4 percent) and other products - 883.9 million (6.2 percent).

In imports, the leading place was taken by cars, electrical equipment, equipment and spare parts - $1.83 billion (23.2 percent), food products - $976.3 million (15.7 percent), ferrous metals and products made of them - $882.7 million (11.2 percent), vehicles and spare parts - $617.5 million (7.8 percent), plastics - $262.2 million (3.3 percent) and other goods - $3.07 billion (38 , 8 percent).

The main trading partners of Azerbaijan in January-September of this year were Italy, which accounted for $4.09 billion of the total turnover, Turkey - $ 2.38 billion, Russia - $1.69 billion, Germany - $1.10 billion, Israel - $1.02 billion and China - $848.9 million.

The economy of Azerbaijan has been developing successfully and dynamically over the last decade.

Currently, the country is eager to develop the non-oil sector of the economy and the government does its best to create conditions for a business doing and a proper business climate in the country.

Thus, the volume of non-oil exports of Azerbaijan increased by 14 percent in January-July 2018 compared to the same period of last year.

In order to stimulate the business development in the country, the government creates favorable conditions for entrepreneurs.

One of these steps is the suspension of inspections. During the period of the law’s validity, only tax audits, quality control of medicines by relevant executive authorities, verification of compliance with safety regulations and safety control of food products, as well as checks on cases that threaten the health and life of people, national security and economic interests may be carried out.

Moreover, the government creates many other conditions as, issuance of the investment incentives documents following the approval of amendments proposed to the Tax Code of the country.

Under the investment incentives document, half of the revenue of an individual entrepreneur, profits of legal entity are exempted from income tax for seven years. Import of equipment for the implementation of the projects is also exempt of VAT and customs duties.

Also, the state refunds 3-6 percent of the customs value of goods to non-oil exporters within the framework of mechanisms on promoting exports of non-oil products.

Besides, the geography of export of Azerbaijani products is considerably expanding, and the number of entrepreneurs engaged in foreign trade activity is growing. Today it covers more than 80 countries of the world, and in particular, the CIS countries, the Persian Gulf region, the EU, China and others.

Promotion of the “Made in Azerbaijan” brand, which is an initiative aimed at entering new markets, became one of the priorities of the country’s foreign economic policy.

President Ilham Aliyev signed the Decree on large-scale promotion of local non-oil products in foreign markets as “Made in Azerbaijan” on 5 October 2016.

This Decree includes nine different support mechanisms to stimulate exports and promote “Made in Azerbaijan” abroad.

Depending on the support mechanisms, the costs relating to their realization are fully or partially covered by the state budget.

The export missions play an important role in expanding non-oil exports and promoting the domestic made products. Over the past year Azerbaijan has organized a number of different missions to Saudi Arabia, the United Arab Emirates, Russia, China, Hungary, Kazakhstan, Germany, Qatar and other countries.


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