Azerbaijan's oil exports to Croatia soar by 63% in 2024, solidifying its position as third-largest importer

Azerbaijan has seen a notable increase in oil exports to Croatia, with 1.4 million tonnes of crude oil and petroleum products derived from bituminous rocks exported from January to November 2024.

The exports were valued at 873.4 million US dollars, reflecting a significant rise of 338.4 million US dollars, or 63.2 percent, compared to the same period in 2023, Caliber.Az reports, citing the State Customs Committee.

In terms of volume, the shipments surged by 544.5 thousand tonnes, marking an increase of 61.1 percent.

As a result, Croatia has secured the position of the third-largest importer of Azerbaijani oil during the reported period.

In contrast, Italy, the top importer of Azerbaijani oil, saw a decrease in both volume and value. Between January and November 2024, Italy imported 9.9 million tonnes of Azerbaijani oil, worth 6.1 billion US dollars.

This marks a drop of 517.5 million US dollars, or 7.8 percent, in value, and a decline of 581.4 thousand tonnes, or 5.6 percent, in volume compared to the previous year.

To recall, Russia was the leading importer of non-oil products from Azerbaijan between January and November 2024.

During this period, Azerbaijan exported non-oil goods worth $1.07 billion to Russia, representing a 6.3 per cent increase compared to the same timeframe last year, according to the Azerbaijani Centre for Analysis of Economic Reforms and Communication’s monthly Export Review.

Türkiye came second in importing non-oil products from Azerbaijan, with exports decreasing by 30.4 per cent to $507.1 million in the same period.

Georgia ranked third, importing $252.9 million worth of non-oil goods, a 15.7 per cent decrease. Switzerland and the United States occupied the fourth and fifth positions, with exports valued at $193.6 million (a 25.2 per cent increase) and $129.6 million (a twelve-fold rise), respectively.

In November 2024, Azerbaijan's non-oil exports to the top five countries were as follows: $111.2 million to Russia (a 9.2 per cent decline compared to November 2023), $30.1 million to Switzerland (a 1.8-fold decrease), $24.7 million to Türkiye (a 2.4 per cent fall), $18.9 million to Georgia (a 1.8-fold drop), and $15.2 million to Ukraine (a 1.7-fold increase).

By Aghakazim Guliyev