Azerbaijan's foreign trade surplus hits $10.2bn

By Azernews

By Ayya Lmahamad

Azerbaijan’s foreign trade surplus amounted to $10.2 billion in the period from January to May 2022, Azernews reports per the State Customs Committee has reported.

In the first five months of the year, the country's trade turnover amounted to $20.5 billion. Of the total turnover, export amounted to $15.4 billion or 75 percent, while import was $5.1 billion or 24.9 percent, resulting in a surplus of $10.2 billion.

Moreover, legal entities and individual entrepreneurs in the country carried out trade operations with partners in 158 countries.

In terms of export, EU countries accounted for $9.6 billion or 62.3 percent, CIS countries for $724.4 million or 4.7 percent, and other countries for $5 billion or 32.9 percent of the country's total export.

As to imports, CIS countries accounted for $1.5 billion or 29.3 percent, EU countries accounted for $797.4 million or 15.5 percent and other countries for $2.8 billion for 55.1 percent of the country's imports during the reported months.

Furthermore, 285,071 tons of cargo worth $379.9 million were transported by sea, 2.5 million tons worth $1.4 billion by railway, and 1.9 million tons worth $3.8 billion of cargo by car. Some 26,257 tons of cargo worth $610.1 million were transported by air in January-May 2022.

In the structure of the exports, the main volume came from products of the oil and gas sector with 92.2 percent, while the non-oil and gas sector amounted to 7.7 percent of the total export volume.

Azerbaijan's main export transactions during the reporting period were with Italy ($7.5 billion), Turkey ($1.6 billion), Israel ($858 million), India ($796.9 million), and Greece ($478.4 million).

Over the past five months, Azerbaijan's main import partners were Russia ($968 million), Turkey ($851.8 million), China ($762.8 million), Kazakhstan ($231.3 million), and Germany ($225.4 million).