Azerbaijan's import increases: country's foreign trade turnover reaches by $3.7bn
Azerbaijan’s foreign trade turnover decreased by $863m or 7.9 percent, amounting to $11.8bn in January-March 2023 compared to the same period of 2022, Azernews reports, citing the State Customs Committee.
Azerbaijan's legal entities and individual entrepreneurs conducted trade operations with partners in 171 countries. During the reporting period, Azerbaijan's export dropped by 3 percent amounting to $7.7bn.
Azerbaijan’s natural gas export decreased by 32 percent totaling $2.3bn in January-March 2023. However, Azerbaijan’s oil export increased by 16 percent, amounting to $4.3bn.
The import of Azerbaijan increased by 86 percent and totaled $4bn. Overall, the country's foreign trade turnover resulted in a surplus of $3.7bn.
Furthermore, during the reporting period, exports of non-oil and gas products increased by 25 percent, amounting to $912m. Electricity with $281m, plastics and products made of plastics with $119m, fruit and vegetables with $115m, chemical products with $73m, and cotton with $31m stand out among non-oil-and-gas exports.
Italy accounted for 25.26 percent of Azerbaijan's total trade turnover, Turkiye for 13.77 percent, Russia for 8.98 percent, China for 5.31 percent and Germany for 3.92 percent.
The top five countries importing Azerbaijani products are Italy with 36.99 percent of exports, Turkiye with 13.66 percent, Israel with 5.77 percent, Spain with 5.12 percent, and Greece with 4.76 percent.
Azerbaijan's top importers are Russia with 19.76 percent, China with 14.62, Turkiye with 13.99, France with 5.51 percent, and Germany with 5 percent.
In terms of non-oil and gas products exports, the most export volume accounts for Turkiye (37.26 percent), Russia (22 percent), Georgia (11.97 percent), Switzerland (3.25 percent), and Kazakhstan (3.02 percent).
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