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Azerbaijan
| Economy Overview |
| Azerbaijan's high economic growth in 2006 and 2007 is attributable to large and growing oil exports. Azerbaijan's oil production declined through 1997, but has registered an increase every year since. Negotiation of production-sharing arrangements (PSAs) with foreign firms, which have committed $60 billion to long-term oilfield development, should generate the funds needed to spur future industrial development. Oil production under the first of these PSAs, with the Azerbaijan International Operating Company, began in November 1997. A consortium of Western oil companies began pumping 1 million barrels a day from a large offshore field in early 2006, through a $4 billion pipeline it built from Baku to Turkey's Mediterranean port of Ceyhan. By 2010 revenues from this project will double the country's current GDP. Azerbaijan shares all the formidable problems of the former Soviet republics in making the transition from a command to a market economy, but its considerable energy resources brighten its long-term prospects. Baku has only recently begun making progress on economic reform, and old economic ties and structures are slowly being replaced. Several other obstacles impede Azerbaijan's economic progress: the need for stepped up foreign investment in the non-energy sector, the continuing conflict with Armenia over the Nagorno-Karabakh region, pervasive corruption, and elevated inflation. Trade with Russia and the other former Soviet republics is declining in importance, while trade is building with Turkey and the nations of Europe. Long-term prospects will depend on world oil prices, the location of new oil and gas pipelines in the region, and Azerbaijan's ability to manage its energy wealth. |
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| Economy Statistics |
| Exports: |
$19.53 billion f.o.b. (2007 est.) [?]
This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Export
Commodities: |
oil and gas 90%, machinery, cotton, foodstuffs [?]
This entry provides a rank ordering of exported products starting with the most important; it sometimes includes the percent of total dollar value.
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Export
Partners: |
Italy 44.7%, Israel 10.7%, Turkey 6.1%, France 5.5%, Russia 5.4%, Iran 4.6%, Georgia 4.5% (2006) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Imports: |
$6.376 billion f.o.b. (2007 est.) [?]
This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Import
Commodities: |
machinery and equipment, oil products, foodstuffs, metals, chemicals [?]
This entry provides a rank ordering of imported products starting with the most important; it sometimes includes the percent of total dollar value.
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Import
Partners: |
Russia 22.4%, UK 8.6%, Germany 7.7%, Turkey 7.3%, Turkmenistan 7%, Ukraine 6%, China 4.2% (2006) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Azerbaijan Republic Chamber of Commerce and Industry |
| Address: |
370001, Baku, Azerbaijan, Istiglaliyyat str., 31 |
| Phone: |
(99412) 928912, 925126 |
| Fax: |
(99412) 971997 |
| Website: |
http://www.chamber.com.az/ |
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