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Trade turnover between Azerbaijan and Russia declines by 15.8% yoy in 1Q 2024

As the State Customs Committee notes, according to the results of the first quarter, Russia ranked third among Azerbaijan’s trading partners after Italy and Turkey

BAKU, April 16. /TASS/. Trade turnover between Azerbaijan and Russia in the first quarter of 2024 amounted to $890.733 million, which is down 15.8% year-on-year, the State Customs Committee of Azerbaijan (SCC) reported.

According to the committee, in January-March, exports of Azerbaijani products to Russia amounted to $288.962 mln, down 12.3% year-on-year, and imports of goods from Russia - $661.771 mln, down 16.9% year-on-year.

As the State Customs Committee notes, according to the results of the first quarter, Russia ranked third among Azerbaijan’s trading partners after Italy and Turkey. Trade operations with Russia during this period accounted for 9.19% of the republic’s foreign trade turnover.

At the end of 2023, trade turnover between Azerbaijan and Russia increased by 17.5% compared to the previous year and reached $4.358 billion. The share of trade transactions with Russia last year amounted to 8.52% of Azerbaijan’s total foreign trade turnover.

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