Azerbaijan’s foreign trade turnover nears $40 billion in 2024, surpassing expectations

Azerbaijan's foreign trade turnover for the first nine months of 2024 reached $39.4 billion, according to Elnur Aliyev, the country's First Deputy Economy Minister.

Speaking at an event marking the Dayaq award ceremony, Aliyev reported that the turnover included exports totalling $22.7 billion and imports of $16.6 billion, resulting in a positive trade balance of $6.1 billion, Caliber.Az reports.

Trade was conducted with partners in 172 countries, with Azerbaijan exporting goods to 120 nations and importing from 161.

Aliyev also highlighted the role of the country’s industrial zones in driving economic growth. Sales in these zones amounted to 2.4 billion manats ($1.41 billion), of which 801.1 million manats ($471.24 billion) were exported.

The industrial zones contributed 17.5% of non-oil industry production, while exports from these zones accounted for 26%.

"The private sector is playing a crucial role in expanding business activities and contributing to economic development by effectively utilizing the opportunities available," he said.

Looking ahead, Aliyev noted that a key priority for the Azerbaijani authorities in 2025 will be the restoration of the recently liberated areas of Karabakh and East Zangezur, alongside the development of economic infrastructure in these regions.

By Aghakazim Guliyev