Azerbaijan sees trade growth with UK In early 2024

Azerbaijan’s trade turnover with the United Kingdom has reached $577.4 million for the period of January-August 2024, marking a 3.6 per cent increase compared to the same timeframe last year.

This data highlights a positive trend in economic relations between the two nations, the State Customs Committee said, Caliber.Az reports.

Official figures suggest that exports of Azerbaijani products to the UK surged by 16.2 per cent, totaling approximately $399.5 million. This increase reflects a rise in Azerbaijan's share of exports to the UK, which grew from 1.41 per cent in January-August 2023 to 2.19 per cent in the current year.

Conversely, imports from the UK experienced a decline of 16.7 per cent, amounting to $177.9 million. The share of imports from the UK also decreased, falling from 1.92 per cent last year to 1.39 per cent this year.

These figures indicate a strengthening of Azerbaijan's export capacity while highlighting the changing dynamics in its import activities with the UK. The continued growth in trade suggests a promising outlook for bilateral relations moving forward.