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Volume of Azerbaijan's trade turnover with major partners disclosed

Economy Materials 23 October 2023 10:03 (UTC +04:00)
Volume of Azerbaijan's trade turnover with major partners disclosed
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, October 23. Azerbaijan's trade turnover with 10 countries (main trade partners) amounted to $29.8 billion from January through September 2023 (up 0.41 percent or $121.3 million over the year), Trend reports.

The specific weight of trade turnover with top-10 trading partners in the total Azerbaijani foreign trade turnover amounted to 76.23 percent.

The data of the State Customs Committee of Azerbaijan shows that Italy retained the status of the largest trade partner of Azerbaijan, with trade turnover at the level of $12 billion (18.57 percent decline for the year). Türkiye followed with over $6.2 billion (year-on-year growth of 43.73 percent) and Russia with $3.1 billion (year-on-year growth of 23.45 percent).

From January through September 2023

From January through September 2022

Countries

Turnover

Share

Countries

Turnover

Share

Italy

$12 billion

33.94 percent

Italy

$14.7 billion

42.15 percent

Türkiye

$6.2 billion

17.62 percent

Türkiye

$4.3 billion

12.40 percent

Russia

$3.1 billion

8.83 percent

Russia

$2.5 billion

7.23 percent

China

$2.2 billion

6.43 percent

India

$1.59 billion

4.54 percent

Germany

$1.25 billion

3.55 percent

China

$1.52 billion

4.36 percent

Israel

$1.23 billion

3.48 percent

Israel

$1.3 billion

3.94 percent

Greece

$1.21 billion

3.43 percent

Greece

$1 billion

3.12 percent

India

$902.7 million

2.54 percent

The UK

$960.6 million

2.74 percent

Spain

$793.5 million

2.24 percent

Germany

$730.1 million

2.08 percent

Turkmenistan

$678.3 million

1.91 percent

Czechia

$702.5 million

2 percent

Azerbaijan's foreign trade turnover decreased by 1.79 percent or $711 million from January through September 2023 year-on-year - from $39.8 billion to $39.1 billion.

In the structure of foreign trade turnover, exports accounted for $26.4 billion, down $3 billion or 10.27 percent from the same period last year. The share of exports in the foreign trade turnover amounted to 67.74 percent against 74.15 percent a year earlier.

Azerbaijan's imports increased by $2.3 billion, or 22.55 percent (from $10.2 billion to about $12.6 billion) from January through September 2023 on an annualized basis. The share of imports in the foreign trade turnover amounted to 32.26 percent against 25.85 percent a year earlier.

As a result, the balance of foreign trade turnover, while remaining positive from January through September 2023, declined by over $5.3 billion, or 27.84 percent, to $13.8 billion against $19.2 billion year-on-year.

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