Azerbaijan records significant trade turnover increases with top partners

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: