Trade turnover between Azerbaijan and Russia decreases 16% in Q1

BAKU. April 16 (Interfax) - Trade turnover between Azerbaijan and Russia reached $890.7329 million in January-March 2024, 15.8% less than the same period last year, Azerbaijan's State Customs Committee said.

Trade with Russia accounted for 9.19% of Azerbaijan's total foreign trade turnover for the quarter. Russia is the country's third largest foreign trade partner after Italy and Turkey.

Exports to Russia totaled $228.962 million (a 12.3% decrease), or 3.83% of Azerbaijan's exports, while imports of Russian products reached $661.771 million (a 16.9% decrease), or 17.83% of all imports.

The negative trade balance with Russia during the reporting period totaled $432.809 million.

As previously reported, Azerbaijani-Russian trade turnover reached $4.359 billion in 2023, 17.5% more than in 2022.