Azerbaijan records significant trade turnover increases with top partners
ECONOMICS 28 November 2022 - 12:46
Azerbaijan’s trade turnover with its main 10 partners amounted to $34.351 billion for the period of January to October 2022, an increase of 83.74% from last year.
Trend reported on this with reference to a report of the State Customs Committee.
According to that, Italy has retained the status of being Azerbaijan’s largest trade partner with a turnover of $17.354 billion, an increase of 147.08%. Following that is Türkiye with over $5.057 billion (44.61% increase) and Russia with $2.867 billion (22.29%).
Import levels have increased during this period, by $2.254 billion to be exact, representing a 24.15% increase from last year. These levels, therefore, make up 25.03% of Azerbaijan’s total foreign trade levels, which is a decrease from last year’s 35.65%.
Most goods were bought from Russia with $2.148 billion, which makes up 18.54% of total imports.
The next countries on the import list are Türkiye ($1.833 billion, 15.83%), China ($1.693 billion, 14.61%), Germany ($517.125 million, 4.46%) and Kazakhstan ($416.049 million, 3.59%).
Export levels amounted to $34.7 billion, which is twice as much as for the same period last year, resulting in exports accounting for 74.97% of total foreign trade. an increase from last year’s 64.35%.
In total, the foreign trade turnover for the first 10 months of 2022 has therefore increased by 76.8% or $20.12 billion compared to last year when it was $26.182 billion.
As a result of these changes. the trade surplus remained positive during the reporting period, growing by more than $15.6 billion to reach $23.123 billion, which is three times above what it was in 2021 for the same period, $7.515 million.
The trade turnover with Azerbaijan's top 10 partners for this and last year is listed below:
January - October 2022 |
January - October 2021 |
||||
Countries |
Тrade turnover (000's. $) |
% of total trade turnover |
Countries |
Тrade turnover (000's. $) |
% of total trade turnover |
Italy |
17 354 039.78 |
37.48 |
Italy |
7 023 636.56 |
26.83 |
Türkiye |
5 057 994.81 |
10.92 |
Türkiye |
3 497 727.24 |
13.36 |
Russia |
2 867 784.82 |
6.19 |
Russia |
2 345 140.95 |
8.96 |
India |
1 767 207.22 |
3.82 |
China |
1 444 733.28 |
5.52 |
China |
1 745 859.45 |
3.77 |
Germany |
952 540.64
|
3.64 |
Israel |
1 538 566.49 |
3.32 |
Ukraine |
784 402.99 |
3 |
Greece |
1 373 056.20 |
2.97 |
Croatia |
753 051.45 |
2.88 |
UK |
980 313.36 |
2.12 |
Israel |
645 915.77 |
2.47 |
Croatia |
963 667.52 |
2.08 |
Spain |
624 955.43 |
2.39 |
Germany |
702 585.35 |
1.98 |
Georgia |
623 263.54 |
2.38 |
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