Azerbaijani-German trade turnover up by 53%

ECONOMICS  05 June 2023 - 11:34

Trade turnover between Azerbaijan and Germany made $578.933.4 thousand dollars in January-April 2023, which increased by 53 per cent compared to the same period in 2022.

APA reports with reference to the State Customs Committee that during the reporting period, the volume of imports from Germany to Azerbaijan rose by 43.1 per cent compared to the first 4 months of 2022, making $263.438 million.

Over the same period, export from Azerbaijan to Germany increased by 63 per cent and totalled $315.494 million.

Non-oil goods were exported from Azerbaijan to Germany for 13 million 348 thousand dollars during the reporting period.

Azerbaijan’s oil supplies to Germany are one of the footholds in total trade. Thus, oil exports to Germany over the last year totalled 801,440 tons worth $563.7 million. At the same time, Germany concluded the TOP-10 of Azerbaijan’s main oil importers in 2022.

The cooperation between the two countries in the field of energy is developing rapidly. Back in 2013, the State Oil Company of Azerbaijan (SOCAR) and Uniper SE, a German gas trader, have signed a long-term gas supply contract.

Since the Southern Gas Corridor that delivers Azerbaijani gas to Europe was launched, Uniper has been one of the main buyers on the market. This is the company's longest-term gas purchase project, which will last until 2045. To date, 3.1 bcm of gas has been supplied to Uniper from Azerbaijan. SOCAR exported 1,764,500 tons of crude oil to Germany last year.

There is a huge potential for German companies to participate in the reconstruction process in Azerbaijan’s liberated territories, in the fields of renewables, machine building, the automotive industry, chemical industry and electronics.

The tourists flow between the two countries increased significantly over the last years. The number of Germans travelling to Azerbaijan in 2022 almost tripled, totalling 14,426. At the same time, the number of Azerbaijanis visiting Germany in the past year amounted to 21,791 people, which is almost 4 times more than in 2021.

Caliber.Az