Azernews.Az

By Mirsaid Ibrahimzade

The population in Azerbaijan positively assesses the growth prospects of the economy so they spend considerable funds on the purchase of vehicles.

As many as 7,978 vehicles were imported to Azerbaijan from January to March 2019, which is 2.3 times more than in the first three months of 2018, and 5.6 times more than in the same period of 2017, says data by the State Customs Committee of Azerbaijan.

Even the increase of excise tax rates on imported cars by an average of 50 percent did not prevent the noticeable growth in figures of imported cars.

The active purchase of cars indicates a significant rise in incomes of a certain part of the population, and its confidence in the further improvement of their own well-being. As a result, in the first three months of this year, 7,250 cars were imported into the country, which is 4,092 more than in the same period of last year.

Taking into account that in the first quarter, Azerbaijan imported 643 trucks, two times more than last year’s figure, and three times more than the 2017 figure, the government takes serious measures as application of import substitution policy to enhance local supply of vehicles and lower imports.

Last year, 969 cars were produced in Azerbaijan. This year, production in the automotive industry of Azerbaijan is expected to reach $20 million, and $70 million by 2022.

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Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1

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