Azerbaijan's foreign trade surplus hits $2.1bn

By Azernews

By Ayya Lmahamad

Azerbaijan’s foreign trade surplus amounted to $2.1 billion in January 2022, the State Customs Committee has reported.

Last month, the country's trade turnover amounted to $4 billion. Of the total turnover, export amounted to $3 billion or 76 percent, while import was $974.8 million or 24 percent, resulting in a surplus of $2.1 billion.

Moreover, legal entities and individual entrepreneurs in the country carried out trade operations with partners in 118 countries.

In terms of export, the EU countries accounted for $2 billion or 65.5 percent, the CIS countries for $286.5 million or 9.2 percent, and other countries for $776.5 million or 25.1 percent of the country's total export. 

As to import, the CIS countries accounted for $322.4 million or 33 percent, the EU countries accounted for $142.3 million or 14.6 percent and other countries for $510 million for 52.3 percent of the country's imports during the reported month.

Furthermore, 63,179 tons of cargo worth $140 million were transported by sea, 454,806 tons worth $235.5 million by railway, and 357,094 tons worth $709.9 million of cargo by car. Some 881 tons of cargo worth $107.9 million were transported by air in January 2022.

In the structure of exports, the main volume came from products of the oil and gas sector with 92.4 percent, while the non-oil and gas sector amounted to 7.5 percent of the total export volume.

Azerbaijan's main export transactions during the reported year were with Italy ($1.5 billion), Turkey ($290.8 million), Ukraine ($199.8 million), Israel ($154.2 million), and the UK ($127.3 million).

Azerbaijan's main import partners were Turkey ($153.7 million), China ($141.1 million), Russia ($134.5 million), Kazakhstan ($122.4 million), and Germany ($48.1 million).