Azerbaijan sees surge in trade turnover with Russia

The trade turnover between Azerbaijan and Russia surged by 62.4% in annual terms to $336.3 mln as of the end of January 2023, the State Customs Committee of Azerbaijan said on Wednesday.

Azerbaijan’s exports to Russia dropped by 5.5% year-on-year to $68.5 mln in January 2023, according to the customs office. Imports of goods from Russia surged almost twofold to $267.8 mln.

Russia ranks third among top trading partners of Azerbaijan after Italy and Turkey as of the end of January 2023, the customs committee said. Trading operations in Russia accounted for 10.22% of the total trade turnover of the country.

In 2022, the trade turnover between Azerbaijan and Russia surged by 23.9% to $3.71 bln. The share of trading operations with Russia stood at 7% of the overall trade turnover of the country.