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Wednesday April 17 2024

Azerbaijan's gas exports to Italy surge over 16-fold

2 April 2024 15:47 (UTC+04:00)
Azerbaijan's gas exports to Italy surge over 16-fold
Ulviyya Shahin
Ulviyya Shahin
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In recent years, Azerbaijan has steadily emerged as a significant player in the global energy market, particularly in the realm of natural gas exports, Azernews reports, citing the State Customs Committee (SCC).

This trend has continued into the new year, with notable increases observed in January 2024.

According to customs declarations, Azerbaijan exported a staggering 1 billion, 931 million, and 879.69 thousand cubic metres of gas in January 2024. This figure marks a substantial surge, standing at 7.6 times higher than the corresponding indicator for January 2023. This remarkable increase underscores Azerbaijan's growing prominence as a key exporter of natural gas in the region.

During this period, gas exports constituted a significant portion of Azerbaijan's overall exports, accounting for 40.12% of the total. This represents a notable escalation compared to January 2023, when gas exports comprised only 7.46% of the total export volume. Such a significant contribution from gas exports further solidifies the vital role of the energy sector in Azerbaijan's economy.

Moreover, the surge in gas exports has translated into substantial revenue gains for the country. In January 2024, gas exports generated an impressive revenue of $739 million 790.78 thousand, marking a remarkable increase of 5.3 times compared to the previous year. This surge in revenue reflects the growing demand and value of Azerbaijani gas in the international market.

In terms of destination, the bulk of Azerbaijan's gas exports in January were distributed between Turkiye and Italy. Turkey accounted for the largest share with 43.4%, followed closely by Italy at 36.2%. This distribution highlights the strategic importance of these markets for Azerbaijan's gas exports and underscores the country's efforts to diversify its export destinations.

Overall, the substantial increase in gas exports in January 2024 underscores Azerbaijan's growing influence as a major energy supplier and highlights the country's continued efforts to leverage its rich energy resources for economic growth and development.

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