Azerbaijan sees sharp decline in its foreign trade surplus

Azerbaijan conducted trade transactions with foreign countries worth just under $18.44 billion in the first five months of 2024, down 19.7% year-on-year, Report informs, citing the country’s State Customs Committee.

During the reporting period, exports accounted for over $11.13 billion of foreign trade turnover, and imports accounted for over $7.3 billion. Over the past year, exports fell by 30.9%, while imports rose by 6.75%.

Consequently, there was a surplus of approximately $3.84 billion in Azerbaijan’s foreign trade turnover for January-May 2024, showing a 2.4-times decline from the corresponding period of 2023