Azerbaijan’s trade with Bulgaria soars while UK figures falter

In a notable development for Azerbaijan's international trade, the country's turnover with Bulgaria has soared, while its trade with the United Kingdom has seen a significant downturn. 

Between January and November 2024, Azerbaijan's trade with Bulgaria reached $650.05 million, marking an impressive 42.7% increase compared to the same period in 2023, Caliber.Az reports citing the State Customs Committee.

This growth signals a deepening economic partnership between the two nations, with both imports and exports rising sharply.

One of the key drivers of this surge is the sharp increase in exports from Azerbaijan to Bulgaria, which jumped by 44.6% to a total of $620.33 million. This rise in exports has not only boosted Azerbaijan's trade volume but also expanded its share of total exports to Bulgaria, which now stands at 2.55%, up from 1.36% in 2023. This shift suggests that Bulgaria is becoming a more significant market for Azerbaijani goods, a trend that may continue as both countries pursue closer economic ties.

On the import side, Azerbaijan has also seen an 11.2% increase in the volume of goods brought in from Bulgaria, amounting to $29.72 million. However, despite this increase, Bulgaria's share of Azerbaijan’s total imports remained fairly modest, dropping slightly to 0.16% from 0.17% the previous year. This shift indicates that while Bulgaria’s role as an exporter to Azerbaijan has grown, it still represents a small portion of Azerbaijan’s overall import landscape.

The rising trade figures with Bulgaria reflect a growing mutual interest in economic cooperation, with potential opportunities for further expansion across various sectors, from energy and agriculture to technology and services.

In contrast, Azerbaijan’s trade turnover with the United Kingdom during the same period in 2024 saw a significant decline of 15.5%, totalling $641.04 million. This drop marks a stark contrast to the positive trends seen with Bulgaria and underscores some of the challenges Azerbaijan is facing in its trade relations with the UK.

Exports to the UK fell by 10.1%, reaching $401.32 million, while still accounting for 1.65% of Azerbaijan’s total exports, a slight increase from 1.42% in 2023. 

Meanwhile, imports from the UK were hit particularly hard, dropping by 23.1% to $239.72 million. The UK’s share of Azerbaijan’s imports decreased to 1.28%, down from 1.97% last year. This drop in imports suggests that Azerbaijan is diversifying its sources of goods and may be seeking alternatives to UK products due to cost factors, currency fluctuations, or evolving trade agreements.

Despite these declines, the UK remains an important trade partner for Azerbaijan, and efforts to stabilize and grow this relationship may be crucial moving forward.

By Tamilla Hasanova