Azerbaijan-Türkiye bilateral trade booms, reaching $7.5 billion in 2023

In 2023, trade turnover between Azerbaijan and Türkiye reached $7.5 billion, fulfilling 50% of the $15 billion target set by the leaders of both countries.

Barış Altıparmak, representative of the World Council of Turkish Business (WCTB) for Azerbaijan, shared these figures during the Baku meeting of the organization's Eurasian Council of Representatives, organized by the Turkish Embassy, Caliber.Az reports, citing local media.

He stated, “We expect trade turnover to grow this year as well. Our goals are ambitious, and significant work lies ahead. The role of investors in Azerbaijan's economic development is crucial, with opportunities in free economic zones, industrial, and technological parks playing a vital part.”

As for exports, Azerbaijan's volumes to Türkiye grew by 51.2% in 2023, reaching $5 billion, up by $1.814 billion from the previous year. In contrast, Türkiye’s exports to Azerbaijan saw a slight decline of 0.3%, falling by $6.1 million to $2.291 billion.

During the same period, non-oil exports from Azerbaijan to Türkiye amounted to $783.9 million, marking a 9.9% increase compared to 2022. Azerbaijan's total trade turnover in 2023 was $51.18 billion, with non-oil exports at $3.3 billion.

Türkiye remains Azerbaijan's second-largest trading partner, with Turkish companies playing an active role in the country’s development, especially in large-scale infrastructure projects in Azerbaijan’s liberated territories. Currently, 107 Turkish-led projects are underway in these areas.

The mutual trade is facilitated by the "Preferential Trade Agreement between Azerbaijan and Türkiye" which was signed on February 25, 2020, and took effect on March 1, 2021. This agreement focuses on reducing customs duties on 15 categories of agricultural and food products, with an annual tariff quota, further enhancing bilateral trade.

By Tamilla Hasanova