Azerbaijan’s foreign trade surplus for 2016 announced
Baku, Azerbaijan, Sept.15
By Azad Hasanli - Trend:
The positive balance of Azerbaijan's foreign trade operations is forecasted to reach $7.6 billion in 2016, said the draft state and consolidated budgets of Azerbaijan for 2016 made public by the Finance Ministry.
The total volume of Azerbaijan's export operations will decrease by 8.1 percent in 2016, compared to the planned volume for 2015 and by 44 percent compared to the actual figure in 2014 and will stand at $15.8 billion, according to the forecast.
The total import volume in 2016 is expected to reach $8.2 billion, while the non-oil products will account for $6.8 billion or 83.3 percent.
The import is expected to decrease by 6.8 percent compared to the forecasted volume in 2015 and by 11.8 percent compared to the actual figure in 2014.
"The decrease in the volume of export and import operations is due to the instability in the global economy which will continue in 2016 and will affect the economic relations of CIS countries," said the presentation of the Finance Ministry.
Azerbaijan plans to export products totaling $26.8 billion in 2015, while the import is expected to stand at $11.1 billion.
The country's foreign trade turnover totaled $12.8 billion in seven months of 2015, or 29.54 percent less than in Jan.-July 2014.
The export volume has decreased by 43.6 percent compared to Jan.-July 2014 and stood at $7.47 billion in the first seven months of 2015. The import volume has increased by 8.61 percent and totaled $5.3 billion.
Azerbaijan mainly exported oil, gas and petroleum products in Jan.-July 2015.
Edited by SI