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Abbas Ganbay

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Azerbaijan’s foreign trade turnover increased by $275m or 1 percent, amounting to $30bn in January-July 2023 compared to the same period of 2022, Azernews reports, citing the State Customs Committee.

Legal entities and individual entrepreneurs in Azerbaijan conducted trade operations with partners in 190 countries. During the reporting period, Azerbaijan's export decreased by 8 percent or $1.8bn amounting to $20.8bn.

Since the bulk of Azerbaijan’s export made up of oil and gas, the decrease in the export relates to the volatility in the energy market. Azerbaijan’s oil export decreased by 23.8 percent, amounting to $9.4bn. However, Azerbaijan’s natural gas export increased by 9 percent totaling $8.9bn in January-July 2023.

The import of Azerbaijan grew $2.06bn, or by 27.5 percent, up $9.6bn. Overall, the country's foreign trade turnover resulted in a surplus of $11bn.

Italy accounted for 31.6 percent of Azerbaijan's total trade turnover, Turkiye for 15.65 percent, Russia for 8.06 percent, China 5.34 percent, and Germany 3.2 percent.

The top five countries importing Azerbaijani products are Italy with 44.9 percent of exports, Turkiye with 16.48 percent and Greece with 4.6 percent, Israel with 4 percent and Russia with 3.4 percent.

Azerbaijan's top importers are Russia with 18.1 percent, China with 16.3, Turkiye with 13.8, Germany with 5.8 percent, and Turkmenistan with 5.4 percent.

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