Azerbaijan's foreign trade hits $35.6bn in 8M2022

By Azernews

By Ayya Lmahamad

The volume of Azerbaijan’s foreign trade turnover amounted to $35.6 billion in January-August 2022, Azernews reports, citing the State Statistics Committee.

Out of the total turnover, exports amounted to $26.7 billion, or 75.1 percent, while imports amounted to $8.8 billion, or 24.9 percent. Overall, the country's foreign trade turnover resulted in a surplus of $17.8 billion.

Compared to the first eight months of 2021, the country's foreign trade turnover increased by 70.4 percent in actual prices and by 6.6 percent in real terms.

Moreover, legal entities and individual entrepreneurs in the country carried out trade operations with partners in 174 countries. Goods were exported to 119 countries and imported from 160 countries.

During the reporting period, exports of non-oil and gas products increased by 19 percent in actual terms and by 7 percent in real terms and amounted to $1.8 billion.

Italy accounted for 37.1 percent of Azerbaijan's total trade turnover, Turkiye for 11.1 percent, Russia for 6.3 percent, India for 4.4 percent each, and China for 3.8 percent.

The top five countries importing Azerbaijani products are Italy with 48.9 percent of exports, Turkiye with 9.4 percent, India with 5.3 percent, Israel with 4.5 percent, and Greece with 3.3 percent each.

In terms of non-oil and gas products exports, the most export volume accounts for Russia (28 percent), Turkiye (26 percent), Georgia (6.7 percent), Switzerland (6.2 percent), and the U.S. (3.2 percent).

Azerbaijan's top importers are Russia with 18.6 percent, Turkiye with 16.1 percent, China with 14.8 percent, Germany with 4.5 percent, and Kazakhstan with 3.7 percent.