Azerbaijan's foreign trade surplus hits $12.1bn

By Azernews

By Ayya Lmahamad

Azerbaijan’s foreign trade surplus amounted to $12.1 billion from January to June 2022, Azernews reports per the State Customs Committee.

The country's trade turnover amounted to $24.8 billion in the first six months of the year. Of the total turnover, export amounted to $18.4 billion, or 74.4 percent, while import was $6.3 billion or 25.6 percent, resulting in a surplus of $12.1 billion.

Moreover, legal entities and individual entrepreneurs in the country carried out trade operations with partners in 165 countries.

In terms of export, EU countries accounted for $11.5 billion, or 62.4 percent, CIS countries for $860.9 million, or 4.6 percent with other countries for $6 billion, or 32.9 percent of the country's total export.

As to imports, CIS countries accounted for $1.8 billion, or 29.3 percent, EU countries accounted for $985.5 million, or 15.5 percent with other countries for $3.5 billion or 55.1 percent of the country's imports during the reported months.

Furthermore, 357,123 tons of cargo worth $478.9 million were transported by sea, 3 million tons worth $1.6 billion by railway, and 2.3 million tons worth $4.8 billion of cargo by car. Some 36,106 tons of cargo worth $769.5 million were transported by air from January to June 2022.

In the structure of the exports, the main volume came from products of the oil and gas sector with 92.1 percent, while the non-oil and gas sector amounted to 7.8 percent of the total export volume.

Azerbaijan's primary export transactions during the reporting period were with Italy ($8.9 billion), Turkey ($1.8 billion), Israel ($934 million), India ($805.5 million), and the UK ($607.7 million).

Over the past six months, Azerbaijan's main import partners were Russia ($1.1 billion), Turkey ($1 billion), China ($942.4 million), Kazakhstan ($303.4 million), and Germany ($281.2 million).