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Azerbaijan divulges volume of trade turnover with main partners

Economy Materials 18 March 2024 17:37 (UTC +04:00)
Azerbaijan divulges volume of trade turnover with main partners
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, March 18. Azerbaijan's trade turnover with 10 countries (main trade partners) from January through February 2024 amounted to $5.45 billion (up 4.31 percent or $225.145 million over the year), Trend reports.

Meanwhile, the share of trade turnover with the top 10 trade partners in the total Azerbaijani foreign trade turnover amounted to 75.42 percent.

According to Azerbaijan's State Customs Committee, Italy retained the status of the largest trade partner of Azerbaijan, with trade turnover at the level of $1.8 billion (30.94 percent growth for the year). Türkiye followed with more than $979.6 million (year-on-year growth of 9.41 percent) and Russia with $591.2 million (year-on-year decline of 22.36 percent).

January-February 2024
January-February 2023
Countries Turnover ($) Share in total turnover Countries Turnover ($) Share in total turnover
Italy 1 828 329 690 25,30 percent Italy 1 396 304 780 19,47 percent
Türkiye 979 604 700 13,56 percent Türkiye 895 388 720 12,49 percent
Russia 591 254 100 8,18 percent Russia 761 547 770 10,62 percent
Israel 536 988 220 7,43 percent China 400 962 860 5,59 percent
China 483 281 990 6,69 percent Israel 378 796 590 5,28 percent
India 395 700 930 5,48 percent Spain 334 136 930 4,66 percent
Thailand 213 793 610 2,96 percent Romania 289 377 590 4,04 percent
Germany 170 281 740 2,36 percent France 270 008 540 3,77 percent
Georgia 127 342 440 1,76 percent India 257 363 550 3,59 percent
US 123 845 110 1,71 percent Czech Republic 241 389 370 3,37 percent

To note, Azerbaijan's foreign trade turnover from January through February 2024 increased by 0.77 percent, or $55.1 million, compared to the indicator for the same period in 2023, from $7.1 billion to $7.2 billion.

Exports accounted for $4.7 billion in the structure of foreign trade turnover, which was $259.5 million, or 5.74 percent more than the figure for the same period last year. The share of exports in the foreign trade turnover amounted to 66.14 percent, up from 63.03 percent a year earlier.

Azerbaijan's imports in the reporting period decreased year-on-year by $204.347 million, or 7.71 percent, from $2.6 billion to about $2.4 billion. The share of imports in the foreign trade turnover amounted to 33.86 percent, up from 36.97 percent a year earlier.

Consequently, the foreign trade balance, while remaining positive during the period under review, grew year-on-year by over $463.8 million, or 24.81 percent, to $2.3 billion from $1.8 billion in the 2023 review period.

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