Azerbaijan's trade with US sees significant increase

From January to September 2024, Azerbaijan and the United States recorded a mutual trade turnover of approximately $972.8 million.

This figure represents a remarkable 2.5-fold increase compared to the same period in the previous year, highlighting a strengthening economic relationship between the two nations, Caliber.Az cites a report from the State Customs Committee.

The surge in trade is largely driven by a substantial rise in Azerbaijani exports to the U.S., which skyrocketed by 13.6 times, amounting to around $113.4 million. This increase signifies a significant shift in Azerbaijan's export dynamics, with exports now constituting 0.57% of the total trade volume — up from a mere 0.03% during the same timeframe in 2023. This notable expansion underscores Azerbaijan's growing presence in the U.S. market.

In contrast, the trade turnover between Azerbaijan and the United Kingdom during the same period was approximately $595.8 million, reflecting a 6.1% decline from the previous year. While this drop may raise concerns about the dynamics of trade with the UK, it is essential to note the contrasting performance in exports. Azerbaijani exports to the UK experienced a modest increase of 4%, reaching about $400.2 million. This translates to 2.02% of total exports, up from 1.45% in January-September 2023.

On the import side, Azerbaijan saw a decline in imports from the UK, which fell by 21.7% to approximately $195.6 million. Consequently, the share of imports from the UK also dropped, decreasing from 1.98% to 1.34% of total imports.

Meanwhile, the dynamics of trade with the U.S. continued to improve, particularly in imports. Azerbaijan's imports from the U.S. surged by 2.2 times, reaching around $859.4 million. This impressive growth in imports now represents 5.87% of the total imports, compared to 3.07% in the previous year.

By Tamilla Hasanova