BAKU, Azerbaijan, June 20. Azerbaijan's trade turnover with 10 main trading partner countries from January through May 2023 amounted to $17.94 billion with an increase of 12.92 percent or $2.05 billion over the year, Trend reports.
The share of the top 10 trading partners in the total Azerbaijani foreign trade turnover reached 78.16 percent.
According to the State Customs Committee of Azerbaijan, in the first five months of this year, Italy retained the status of Azerbaijan's largest trading partner with a turnover of $7.59 billion (a decline of 1.28 percent over the year), followed by Türkiye – more than $3.57 billion (an increase of 45.53 percent in a year), and Russia – $1.78 billion with an increase of 44.42 percent per year.
TOP 10 trading partners of Azerbaijan:
|
From January through May 2023 |
From January through May 2022 |
||||
|
Countries |
Trade turnover |
Share (%) |
Countries |
Trade turnover |
Share (%) |
|
Italy |
$7.59 billion |
33.1 |
Italy |
$7.69 billion |
37.44 |
|
Türkiye |
$3.57 billion |
15.55 |
Türkiye |
$2.4 billion |
11.94 |
|
Russia |
$1.78 billion |
7.8 |
Russia |
$1.2 billion |
6.03 |
|
China |
$1.05 billion |
4.58 |
India |
$871.14 million |
4.24 |
|
Germany |
$778.9 million |
3.39 |
Israel |
$871.08 million |
4.24 |
|
India |
$700.78 million |
3.05 |
China |
$778.57 million |
3.79 |
|
Greece |
$700.7 million |
3.05 |
UK |
$561.5 million |
2.73 |
|
Spain |
$688.2 million |
3 |
Germany |
$497.17 million |
2.42 |
|
Israel |
$644.25 million |
2.81 |
Greece |
$486.7 million |
2.37 |
|
Czech Republic |
$418.37 million |
1.82 |
Portugal |
$433.57 million |
2.11 |
Overall, Azerbaijan's foreign trade turnover, in the first five months of this year, grew by 11.68 percent, or $2.4 billion compared to the same period in 2022, increasing from $20.5 billion to $22.9 billion.
In the structure of foreign trade turnover, exports accounted for $16.1 billion, which is $697.8 million (4.53 percent) more than in the same period last year, while the share of exports in foreign trade turnover amounted to 70.2 percent against 75.01 percent a year earlier.
Moreover, Azerbaijan's imports in the specified period rose by $1.7 billion, or 33.16 percent, growing from $5.1 billion to about $6.8 billion, while the share of imports in foreign trade turnover was 29.79 percent against 24.9 percent a year earlier.
As a result, during the accounting period, the balance of foreign trade turnover, while remaining positive, decreased by more than $1 billion (9.78 percent), to $9.27 billion year-on-year against $10.28 billion in the reporting period of the previous year.
In 2022, Azerbaijan's total trade turnover with its top ten trading partners amounted to $38.2 billion, up by $13.7 billion (56.16 percent) year over year.