Excessive costs drive Azerbaijan’s power exports – WB

BAKU, Azerbaijan, September 27. Sturdy power
exports of Azerbaijan in August had been largely pushed by larger
costs, the World Financial institution mentioned in its Month-to-month Financial Replace.

The report reveals that the commerce surplus stabilized at a excessive
stage in August on the again of hovering exports.

“Exports had been 2.3 instances larger in nominal phrases in August than
one 12 months in the past. Vitality exports rose by 2.6 instances (yoy) whereas
non-energy exports dropped sharply by 60 % (yoy) in nominal
phrases. Sturdy power exports had been largely pushed by larger costs,”
says the WB.

Reportedly, imports additionally carried out strongly in August and had been
30.7 % larger in nominal phrases than one 12 months in the past.

“The commerce surplus stabilized at 34.6 % of GDP. The
Present Account surplus within the first half of 2022 amounted to 27.7
% of GDP fueled by robust exports and huge influx of
remittances (4.4 % of GDP), which was 3.1 instances larger than
12 months in the past, whereas the outflow remained unchanged. Transfers from
Russia accounted for 80 % of the influx.”

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