Global financial crisis affects Azerbaijan’s foreign trade

Global financial crisis affects Azerbaijan’s foreign trade
# 12 December 2008 15:24 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. The world financial crisis rapidly deepening since August has slowed down the growth rate in Azerbaijan’s foreign trade.
For the first three quarters, the country’s foreign trade turnover reached $44.2 billion, comprised of exports of $39 billion and imports of $5.2 billion.
In fact, foreign trade stood at $42.2 billion, including exports of $37.7 billion and imports of $4.5 billion.
That is to say, given that the average monthly growth in foreign trade turnover was $4.9 billion for the three quarters, the growth was $2 billion in September.
The decline came only because of exports which had average monthly growth of $4.3 billion while the rate fell to $1.3 billion in September.
The figures in imports were %0.58 billion and %0.7 billion respectively.
The decline in exports shouldn’t be attributed to the fall in oil prices because oil prices went down 11% in September or to $98 from $110 a barrel.
However, the decrease in export monthly growth rate was 2.5 times. This is due to the decline in oil exports.
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