Azerbaijan's trade balance with US shifts as exports fall sharply

The Azerbaijani State Customs Committee has said that the trade turnover volume between Azerbaijan and the US reached $1.507 billion from January to October 2024.

This represents an increase of $672.3 million (80.5 per cent) compared to the same period of last year, Caliber.Az reports, citing the committee. 

During the reporting period, trade turnover with the US accounted for 3.50 per cent of Azerbaijan's total trade turnover. In the first ten months of the year, Azerbaijan exported goods worth $129,961 to the US, a sharp decrease of 98.8 per cent compared to the same period in 2023. On the other hand, Azerbaijan's imports from the US surged by 67.1 per cent to $1.377 billion, comprising 7.34 per cent of the country’s total imports. 

Earlier, Azerbaijani First Deputy Economy Minister Elnur Aliyev said that Azerbaijan's foreign trade turnover for the first nine months of 2024 reached $39.4 billion. Aliyev noted that the turnover included exports totaling $22.7 billion and imports of $16.6 billion, resulting in a positive trade balance of $6.1 billion. 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 per cent of non-oil industry production, while exports from these zones accounted for 26 per cent.

By Naila Huseynova