BAKU, Azerbaijan, April 3. US President Donald Trump has put pen to paper on an executive order, rolling out reciprocal tariffs on a handful of countries, with Azerbaijan in the mix, and the minimum customs duty for Azerbaijan has been pegged at a solid 10 percent.
What impact will Washington’s new tariffs have on Azerbaijan?
MP Vugar Bayramov addressed this issue on his social media account, clarifying that while trade between Azerbaijan and the US has grown in recent years, Azerbaijan continues to import more goods from the US than it exports.
"So, in 2024, Azerbaijan imported goods worth $1.61 billion from the United States, and during that period, our exports to the United States amounted to only $135.3 million. This means that we have a negative balance of $1.48 billion in foreign trade with the US.
In addition to all this, last year, compared to the previous year, our imports from the United States increased by 1.8 times, and our exports to the United States by 8.4 times. In other words, despite the low level of our exports, the growth dynamics are very high. This means that the United States has become a new export destination for our businessmen," he said
According to the MP, the recent imposition of tariffs predominantly impacts non-hydrocarbon export commodities to a greater extent.
"In 2024, our exports to the US of non-oil and gas products amounted to $134.6 million. Exports of non-oil and gas products of Azerbaijani origin amounted to $55.9 million. Considering that our total exports of non-oil and gas products in 2024 amounted to $3.35 billion and total exports of non-oil and gas products of Azerbaijani origin amounted to $2.88 billion, our cooperation with the US in this area does not have a high share.
As for our exports of non-oil and gas products to the United States, in 2024, the country with the world's strongest economy will export other substances in primary forms resulting from polymerization worth $6,508,000, intestines, vesicles and stomachs of animals worth $593,000, fresh, chilled, frozen products. We exported $410,000 worth of tropical and other fruit juices, $279,000 worth of sturgeon caviar, $242,000 worth of unrefined, premium first-pressed olive oil, $177,000 worth of fruit jams, fruit jellies and marmalades, fruit purees and pastes, and other products.
As you can see, Azerbaijan's non-oil and gas exports to the US, although not in large amounts, have diversified into commodity groups. So, although Washington's tariffs will not have a serious impact on Azerbaijan's exports to the US, they may affect the overall growth dynamics. Of course, in all cases, a new tariff means new costs.
That is, it is not excluded that the growth rate of our total exports to the US will decrease. At the same time, since the products we send to the United States are more specific, a 10 percent tariff may not affect the market position of these products. But in any case, the new tariffs will mean the beginning of a new stage in the world economy," Bayramov noted.
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