Azerbaijan’s foreign trade turnover decreased by $800m or 10 percent, amounting to $7.1bn in January-February 2023 compared to the same period of 2022, Azernews reports, citing the State Customs Committee.

Legal entities and individual entrepreneurs in Azerbaijan conducted trade operations with partners in 155 countries. During the reporting period, Azerbaijan's export dropped by 25 percent amounting to $4.5bn.

As usual, the bulk of Azerbaijan’s export made up of oil and gas, and this sharp decrease relates to the volatility of global gas markets. Azerbaijan’s natural gas export decreased by 5 times totaling $502m in January-February 2023. However, Azerbaijan’s oil export increased by 13 percent, amounting $3.3bn.

The import of Azerbaijan grew $678m, or by 35 percent, up $1.4bn. Overall, the country's foreign trade turnover resulted in a surplus of $1.9bn.

Furthermore, during the reporting period, exports of non-oil and gas products increased by 41 percent and amounted to $651m. Electricity with $227m, fruit and vegetables with $80m, Plastics and products made of plastics with $76m, chemical products with $54m, and cotton with $23m stand out among non-oil-and-gas exports.

Italy accounted for 19.47 percent of Azerbaijan's total trade turnover, Turkiye for 12.49 percent, Russia for 10.62 percent, China 5.9 percent and Germany 5.28 percent.

The top five countries importing Azerbaijani products are Italy with 29.26 percent of exports, Turkiye with 12.25 percent and Israel with 7.34 percent, Spain with 6.14 percent, and Germany with 5.65 percent.

Azerbaijan's top importers are Russia with 21.34 percent, China with 14.33, Turkiye with 12.88, France with 7.65 percent and Germany with 4.66 percent.

In terms of non-oil and gas products exports, the most export volume accounts for Turkiye (42.05 percent), Russia (21.14 percent), Georgia (9.93 percent), Kazakhstan (2.98 percent), and Switzerland (2.92 percent).