Kazakhstan-Azerbaijan trade surges almost by 40% in 2024
In the past 10 months, trade turnover between Kazakhstan and Azerbaijan reached $393 million 831 thousand, which is 38.7% higher against the previous year indicator (+$109.832 million), Kazinform News Agency reports citing the State Customs Committee of the Republic of Azerbaijan.
Azerbaijan’s exports to Kazakhstan increased by 23.2% reaching $107 million 747 thousand in the reporting period, while exports from Kazakhstan to Azerbaijan surged by 45.6% having reached $286 million.
In 2023, during the official visits of the heads of state, Kazakhstan and Azerbaijan agreed to raise the mutual trade volume to $1 billion.
Kazakhstan exports precious metals, crude oil, oil products, spare parts for electric engines and installations to Azerbaijan. Imports from Azerbaijan include vessels for transporting goods and passengers, mineral waters, textile, polyethylene, building materials, as well as vegetables and fruits.
Russia and Belarus are the major trade partners of Azerbaijan among the CIS countries with trade volumes registered at $3 billion 942 million 426 thousand and $403 million 960 thousand respectively. Significant growth is observed in trade with Belarus (+47.7%), while the level of the Russian-Azerbaijani trade increased by 14.5%.
Kazakhstan is the third largest trade partner of Azerbaijan in the CIS. Meanwhile, the least commodity turnover in the reporting period was recorded with Tajikistan - $5 million 117 thousand.
In general , in the mentioned period, trade turnover of Azerbaijan with the CIS countries augmented by more than 9%.
Thus, in January-October, trade operations between Azerbaijan and the CIS states reached $5 billion 701 million 706 thousand, which is $496,686 thousand or 9.5% more than in the same period of 2023.
Previously, it was reported that Uzbekistan's foreign trade turnover with Kazakhstan hit $3.4 billion.
