Azerbaijan sees surge in trade volume with US

From January to August 2024, the trade turnover between Azerbaijan and the United States reached $762.8 million.

The figure represents a 2.2-fold increase compared to the same period last year, the State Customs Committee told Caliber.Az.

Statistical data indicates that Azerbaijani exports to the US skyrocketed by 15.2 times over the eight-month period, totalling approximately $109.5 million. This increased export share now accounts for 0.6% of Azerbaijan's total trade (up from just 0.03% in January-August 2023).

Meanwhile, imports from the United States have also seen significant growth, doubling to about $653.4 million. The share of imports from the US has risen to 5.12%, compared to 3% during the same timeframe last year.

The trade relationship between the United States and Azerbaijan has evolved significantly over the years, influenced by geopolitical factors, energy resources, and regional stability.

Azerbaijan, rich in oil and natural gas, has positioned itself as a crucial partner for the US in diversifying energy sources and reducing reliance on other regions, particularly in light of European energy security concerns. The US has actively supported Azerbaijan's efforts to develop its energy infrastructure, notably through projects like the Southern Gas Corridor, which aims to deliver Caspian gas to Europe.

In addition to energy, trade ties encompass various sectors, including agriculture, telecommunications, and construction. US companies have been involved in Azerbaijan's modernization efforts, particularly in infrastructure and technology. The US government has also encouraged bilateral trade by promoting initiatives aimed at enhancing the business environment and facilitating investment.