Baku:Azerbaijan has announced an increase in the customs duty on the export of screws, bolts, and nuts.

According to Azeri-Press news agency, the Cabinet of Ministers has approved amendments to regulations that govern foreign trade commodity classifications and the rates for import and export customs duties.

As a result of these changes, the export duty for screws, bolts, and nuts will rise to $300 per 1,000 kilograms. This new rate will remain effective until December 31, 2029. The current rate is $15 per 1,000 kilograms.

The new customs duty rate is set to take effect 30 days after the decision is officially published.