BAKU, Azerbaijan, June 15. Azerbaijan's trade turnover with 10 countries (main trade partners) from January through May 2024 amounted to $13.4 billion (a 25.27 percent or $4.5 billion reduction over the year), Trend reports.
However, the share of trade turnover with the top 10 trading partners in the total Azerbaijani foreign trade turnover amounted to 72.7 percent.
According to the State Customs Committee of Azerbaijan, Italy retained the status of the largest trade partner of Azerbaijan, with trade turnover at the level of $4.4 billion (a decline of 41.95 percent over the year). Türkiye followed with over $2.5 billion (a 28.17 percent decrease over the year) and Russia with $1.74 billion (2.76 percent decrease over the year).
| from January through May 2024 | from January through May 2023 | ||||
| countries | Trade turnover ($) | Share in total turnover (percent) | countries | Trade turnover ($) | Share in total turnover (percent) |
| Italy | 4.4 billion | 23,91 | İtaly | 7.5 billion | 33,10 |
| Türkiye | 2.5 billion | 13,91 | Türkiye | 3.5 billion | 15,55 |
| Russia | 1.7 billion | 9,44 | Russia | 1.7 billion | 7,80 |
| China | 1.3 billion | 7,22 | China | 1 billion | 4,58 |
| İsrael | 921.6 million | 5,00 | Germany | 778.9 million | 3,39 |
| İndia | 657 million | 3,56 | İndia | 700.7 million | 3,05 |
| Germany | 632.3 million | 3,43 | Greece | 700.7 million | 3,05 |
| Australia | 447 million | 2,42 | Spain | 688.2 million | 3,00 |
| Czech Republic | 371.6 million | 2,02 | İsrael | 644.2 million | 2,81 |
| US | 330.8 million | 1,79 | Czech Republic | 418.3 million | 1,82 |
Meanwhile, Azerbaijan's foreign trade turnover from January through May 2024 decreased by 19.67 percent, or $4.5 billion, compared to the indicator for the same period in 2023 (from $22.9 billion to $18.4 billion).
Exports accounted for $11.1 billion in the structure of foreign trade turnover, which is $4.9 billion, or 30.88 percent less than the figure for the same period last year. The share of exports in the foreign trade turnover amounted to 60.41 percent, compared to 70.21 percent a year earlier.
Azerbaijan's imports in the reporting period increased year-on-year by $461.9 million, or 6.75 percent, from $6.8 billion to about $7.3 billion. The share of imports in the foreign trade turnover amounted to 39.59 percent, compared to 29.79 percent a year earlier.
Consequently, the foreign trade balance, while remaining positive during the period under review, declined year-on-year by over $5.4 billion, or 58.62 percent, to $3.8 billion from $9.2 billion in the 2023 reporting period.
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