Azerbaijan cuts import costs of vehicle parts by nearly 15%

Azerbaijan imported vehicles and their spare parts worth $1.256 billion during the first seven months of 2024, Report informs, citing the country’s State Customs Committee.

Compared to the same period of 2023, the imports dropped by approximately $218.4 million or 14.8 percent.

During a seven-month period, vehicles and their parts accounted for 11.65% of Azerbaijan’s total imports.

Overall, Azerbaijan conducted trade transactions with foreign countries worth just over $26.892 billion in the initial seven months of 2024. Of that, $16.099 billion accounted for exports and just over $10.793 billion fell to imports. Over the past year, exports decreased by 22.5%, while imports increased by 12.9%.