Azerbaijan boosts volume of trade turnover with CIS nations in 2024

Azerbaijan's trade turnover with CIS (Commonwealth of Independent States) countries from January to July 2024 surpassed $6.9 billion, representing 14.55 percent of the total foreign trade turnover, Trend reports. 

Azerbaijan
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Data obtained by Trend from the State Customs Committee indicates that Azerbaijan's trade turnover with CIS countries rose by 7.89 percent in 2024, or $506.6 million in annualized terms.

Meanwhile, in the same period last year, Azerbaijan's trade turnover with CIS countries amounted to $6.4 billion.

Exports made up $16 billion of the foreign trade turnover, which totaled $26.5 billion, reflecting a decrease of 21.67 percent compared to the same period last year. The portion of exports in the foreign trade turnover stood at 55.77 percent, a drop from 66.23 percent the previous year.

Azerbaijan's imports in the reporting period increased by $3.7 billion, or 21.83 percent, year-on-year from $17.2 billion to about $21 billion. The share of imports in the foreign trade turnover amounted to 44.23 percent, up from 33.77 percent a year earlier.

Consequently, the balance of foreign trade turnover, while remaining positive during the review period, declined year-on-year by over $11.1 billion, or 66.92 percent, to $5.4 billion against $16.6 billion in the 2023 reporting period.

Earlier it was reported that BP Azerbaijan would build a new platform at the Shah Deniz gas condensate field. 

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