Top 10 trading partners in Azerbaijan's foreign trade for early 2024 Key indicators and trends

In the first five months of 2024, Azerbaijan experienced a notable decline in its foreign trade turnover, marking a 19.7 per cent decrease compared to the same period last year.

Despite this overall downturn, Italy emerged as the leading trading partner for Azerbaijan, albeit with a significant 42 per cent reduction in trade volume, Azerbaijan’s State Customs Committee told Caliber.Az.

Azerbaijan's main trade operations from January to May 2024 were conducted primarily with Italy, amounting to $4 billion 409 million 619.17 thousand. This figure represents 23.91 per cent of the total trade turnover during the period. However, it is noteworthy that this trade volume reflects a substantial decline compared to the corresponding period in the previous year.

Following Italy, Türkiye secured the second position with a trade turnover of $2 billion 564 million 463.78 thousand, constituting 13.91 per cent of Azerbaijan's total trade. However, this figure also witnessed a significant decline of 28.2 per cent compared to the previous year.

Russia occupied the third spot with a trade turnover of $1 billion 740 million 102 thousand. Although the decrease in trade volume with Russia was relatively modest at 2.8 per cent, it still contributed significantly to the overall downturn in Azerbaijan's foreign trade.

Other notable countries in Azerbaijan's top ten trading partners include China, Israel, India, Germany, Australia, Czech Republic, and the USA. Among these, China experienced a notable increase in trade volume by 26.5 per cent, while Israel saw a substantial growth of 43.1 per cent. Conversely, countries like Germany and India witnessed declines of 18.8 per cent and 6.2 per cent, respectively.

Despite the mixed performance of its trading partners, Azerbaijan's overall foreign trade turnover stood at $18 billion 439 million 272.37 thousand for the January-May period.

Kheyraddin Nasizada