BAKU, Azerbaijan, November 12. Azerbaijan's trade turnover with member states and observer countries of the Organization of Turkic States amounted to $4.6 billion from January through August 2022, Head of the department at the Center for Analysis of Economic Reforms and Communication of Azerbaijan Nijat Hajizade told Trend.
According to him, this figure accounts for 13 percent of the country's total trade turnover.
"Türkiye ranks first with a turnover share of 84 percent, followed by Kazakhstan (eight percent), Turkmenistan (five percent), Uzbekistan (three percent), Hungary and Tajikistan (together one percent)," he said.
As Hajizade noted, Türkiye stands atop the list due to energy trade.
"Moreover, Türkiye is the only country with a high share of energy imports from Azerbaijan among the organization's members. The country accounts for 17 percent of Azerbaijan's natural gas imports and one percent of crude oil. The Türkiye-Azerbaijan trade turnover in the non-oil sector is also increasing. Chemical industry products are leading Azerbaijan's non-oil exports to Türkiye. Oil products of $530,000 have been exported to Hungary," he said.
The head of the department said, from January through June 2022, Türkiye invested $480.8 million, Hungary – $5.1 million, and Kazakhstan – $3.5 million in the Azerbaijani economy.
"Meanwhile, Azerbaijan invested $59.7 million in the Turkish economy and $8 million in the economy of Uzbekistan in the first half of 2022," he added.