2.000 percent increase in luxury vehicles sales to Azerbaijan ‘not about Russia’
Date
3/26/2024 7:13:50 AM
(MENAFN) The British Society of Motor Manufacturers and Traders (SMMT) has refuted claims suggesting that the unprecedented surge in car exports from the United Kingdom to Azerbaijan is tied to Russia or any efforts to circumvent sanctions. As reported by Sky News, vehicle sales to Azerbaijan experienced a remarkable spike last year, soaring by an astounding 2,000 percent compared to the preceding five years. This surge coincided with the United Kingdom's imposition of a ban on car imports exceeding EUR42,000 (USD53,300) to Russia in response to Moscow's military actions in Ukraine, coupled with restrictions on the sale of "dual-use" items to the country.
Sky News further highlighted a near-simultaneous increase in car exports from Azerbaijan to Russia during the same period, prompting speculation about potential connections between the two phenomena. However, the SMMT vehemently dismissed any such insinuations, asserting that Azerbaijan represents a thriving market in its own right and emphasizing that there is no evidence to suggest that vehicles exported to the country are destined for Russia.
In a statement, the SMMT spokesperson elucidated that the surge in United Kingdom vehicle exports to Azerbaijan, akin to similar trends observed in other global markets, can be attributed to various factors including economic growth, the introduction of new models, and pent-up consumer demand. The spokesperson's remarks sought to underscore the legitimate and independent nature of Azerbaijan's automotive market, distinct from any geopolitical considerations.
According to Sky's analysis, Azerbaijan continued its substantial imports of British-made cars, totaling USD51 million in the first month of the current year alone. This surge in exports propelled Azerbaijan into a significant position as an export destination for United Kingdom-made cars, despite not previously ranking among the top 75 export destinations.
As debates surrounding the dynamics of international trade and geopolitical influences persist, the SMMT's assertion serves to dispel speculation surrounding the surge in car exports to Azerbaijan, emphasizing the market's organic growth and resilience amidst shifting global dynamics.
MENAFN26032024000045015687ID1108022007
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.