Trade turnover between Russia and Azerbaijan increased by 67.5% in the first quarter

According to the results of the first quarter, the trade turnover between Russia and Azerbaijan increased by 67.5% compared to the same period last year, amounting to $1.05 billion, informed TASS with reference to the State Customs Committee of Azerbaijan (SCC).

According to the agency, the export of Azerbaijani goods to the Russian Federation amounted to almost $261 million (+68.2% year-on-year), and the import of Russian products – $796.3 million (+67.2%). Russia accounted for almost 9% of the total foreign trade turnover of Azerbaijan, it took the third place among the trade partners of the republic after Italy and Turkey.

In 2022, the trade turnover between Russia and Azerbaijan amounted to $3.71 billion, which is 23.9% more than in 2021.

Earlier, Azerbaijani Foreign Minister Jeyhun Bayramov following a meeting with his Russian counterpart Sergey Lavrov informedthat the growth in trade turnover between the two countries in 2022 amounted to 24% and reached $4 billion, the volume of mutual investments is about $9 billion, and the freight traffic increased by 22%. The transit of goods through the territory of Azerbaijan to Russia in 2022 increased by about 2.5 times. Bayramov considers the North-South transport corridor to be a particularly important “mega-project” that the two countries are implementing. The number of flights between the two countries has recovered from the pandemic and has reached 135 per week.

Before this meeting, Azerbaijani President Ilham Aliyev said that the Russian-Azerbaijani declaration on allied cooperation signed a year ago “in practice” reflects the spirit and nature of relations between the two countries. Aliyev expressed hope that 2023 will be a breakthrough year in the normalization of relations between Azerbaijan and Armenia, and will also allow turning the “page of enmity.” The Azerbaijani leader noted the special role of Russia in this process, personally thanking Lavrov.