Azerbaijan's trade surplus narrows 19.4% to $9.8 bln in H1

BAKU. July 14 (Interfax) - Azerbaijan's trade surplus narrowed 19.4% year-on-year in H1 2023 to $9.769 billion, the Azerbaijani State Customs Committee told Interfax.

Azerbaijan's foreign trade rose 14% to $26.166 billion, with exports falling 2.8% to $17.98 billion and imports rising 28.9% to $8.198 billion.

The oil and gas sector accounted for 90.1% of the exports.

Machinery, electric apparatus, and equipment and parts accounted for 18.6% of imports, vehicles and parts for 15.3%, food products for 12.9%, ferrous metals and ferrous metal products for 6%, pharmaceuticals for 3.9%, plastics and plastic products for 3.2%, timber and its products for 2.4%, clothing and accessories for 2%, furniture for 0.8%, tobacco and tobacco products for 0.7%, fertilizers for 0.5% and others for 32.7%.

Azerbaijan traded with 187 countries in H1 2023.

Azerbaijan exported mainly to Italy - 46.6% of total exports, Turkey - 15.4%, Greece - 4.5%, Spain - 3.6%, Israel - 3.5%, India - 3.4%, Czech Republic - 2.4%, Romania - 2.3% and Georgia - 2.3%.

It imported from Russia - 18.3%, China - 15.4%, Turkey - 14%, Germany - 5.9%, Turkmenistan - 5.4%, France - 3.6%, United States - 3% Iran - 2.9%, Japan - 2.4%, and South Korea - 2.3%.

Azerbaijan's trade with Russia grew 37.7% to $2.16 billion or 8.3% of all trade, with exports rising 59.2% to $621.135 million and imports up 30.6% to $1.543 million for a deficit of $922.3 million.

Azerbaijan had a trade surplus of $23.607 billion in 2022, up 2.2-fold from 2021. Trade with Russia grew 23.9% to 43.7 billion or 7% of overall trade.