BAKU, Azerbaijan, November 21. The total trade turnover between Azerbaijan and its top 10 trading partners significantly grew from January through October 2022, Trend reports on November 21 via the Azerbaijani State Customs Committee.
According to the committee, this figure amounted to $34.35 billion, up by $15.6 billion (83.74 percent) on annual basis.
In the first 10 months of this year, Italy retained the status of Azerbaijan's largest trading partner with a turnover of $17.3 billion (an increase of 47.08 percent over the year), followed by Türkiye with turnover of more than $5 billion (a growth of 44.61 percent over the year) and Russia – $2.8 billion (up by 22.29 percent over the year).
Comparative table of TOP-10 trading partners of Azerbaijan:
|
10M2022 |
10M2021 |
||||
|
Country |
Trade turnover ($) |
Share (%) |
Country |
Trade turnover ($) |
Share (%) |
|
Italy |
$17.3 billion |
37.48 |
Italy |
$7 billion |
26.83 |
|
Türkiye |
$5 billion |
10.92 |
Türkiye |
$3.49 billion |
13.36 |
|
Russia |
$2.8 billion |
6.19 |
Russia |
$2.3 billion |
8.96 |
|
India |
$1.76 billion |
3.82 |
China |
$1.4 billion |
5.52 |
|
China |
$1.7 billion |
3.77 |
Germany |
$952.5 million |
3.64 |
|
Israel |
$1.5 billion |
3.32 |
Ukraine |
$784.4 million |
3 |
|
Greece |
$1.37 billion |
2.97 |
Croatia |
$753 million |
2.88 |
|
UK |
$980.3 million |
2.12 |
Israel |
$645.9 million |
2.47 |
|
Croatia |
$963.6 million |
2.08 |
Spain |
$624.9 million |
2.39 |
|
Germany |
$702.58 million |
1.98 |
Georgia |
$623.26 million |
2.38 |
The highest value of Azerbaijan’s import in the reporting period accounted for Russia - $2.1 billion (with a specific share of 18.54 percent in the total import). Then Türkiye followed with $1.8 billion (15.83 percent), China - $1.69 billion (14.61 percent), Germany - $517.1 million (4.46 percent) and Kazakhstan - $416 million (3.59 percent).
Azerbaijan's foreign trade turnover increased by 76.8 percent, or $20.12 billion from January through October 2022 compared to the same period in 2021, from $26.18 billion to $46.29 billion.
In the reporting period, $34.7 billion of the foreign trade turnover accounted for exports, up by $17.86 billion (twice) compared to the same period in 2021. The share of exports in the foreign trade turnover amounted to 74.97 percent against 64.35 percent a year earlier.
Meanwhile, Azerbaijan's imports grew by $2.25 billion (24.15 percent) year on year, from $9.3 billion to $11.587 billion. The imports’ share in foreign trade turnover totaled 25.03 percent against 35.65 percent in the same period of 2021.
At the same time, the positive balance of foreign trade turnover rose by over $15.6 billion or three times year over year, up to $23.12 billion (against $7.5 billion from January through October 2021).