BAKU, Azerbaijan, April 19. Azerbaijan exported about 2.3 million tons of oil to Italy in 1Q2022, which is 40.44 percent of the total Azerbaijani export of raw materials, State Customs Committee (SCC) of Azerbaijan told Trend.
According to the committee, in value terms, Azerbaijani oil exports to Italy reached about $1.49 billion in value in the reporting period.
Azerbaijan totally exported over 5.8 million tons of oil from January through March, which is 16.4 percent or about 1.16 million tons less than the same period last year.
Oil exports exceeded $3.68 billion in value, which is 38.1 percent or $1.01 billion more than in 1Q2021.
Trade turnover between Azerbaijan and Italy amounted to more than $3.9 billion in this period, which is 2.5 times or more than $2.4 billion more than from January through March 2021.
Azerbaijan's foreign trade turnover in 1Q2022 increased by 38.87 percent or $4.2 billion compared to the same period last year - from $6.6 billion to $10.9 billion.
Exports accounted for $7.9 billion, in the structure of foreign trade turnover, which is $3.8 billion, or almost twice as much as in 1Q2021. The share of exports in the foreign trade turnover amounted to 73.17 percent against 62.05 percent a year earlier.
Azerbaijan's import in the reporting period increased by $397 million, or by 15.7 percent, from $2.5 billion to $2.9 billion. The share of imports in foreign trade turnover amounted to 26.83 percent against 37.95 percent a year earlier.
Balance of foreign trade turnover, which remained positive, increased year-on-year by more than $3.4 billion in the reporting period or more than 3.1 times, to $5.05 billion against $1.6 billion in 1Q2021.