Azerbaijan's Gas Exports To Italy Surge Over 16-Fold

(MENAFN- AzerNews)

Ulviyya Shahin Read more

In recent years, Azerbaijan has steadily emerged as asignificant player in the global energy market, particularly in therealm of natural gas exports, Azernews reports,citing the State Customs Committee (SCC).

This trend has continued into the new year, with notableincreases observed in January 2024.

According to customs declarations, Azerbaijan exported astaggering 1 billion, 931 million, and 879.69 thousand cubic metresof gas in January 2024. This figure marks a substantial surge,standing at 7.6 times higher than the corresponding indicator forJanuary 2023. This remarkable increase underscores Azerbaijan'sgrowing prominence as a key exporter of natural gas in theregion.

During this period, gas exports constituted a significantportion of Azerbaijan's overall exports, accounting for 40.12% ofthe total. This represents a notable escalation compared to January2023, when gas exports comprised only 7.46% of the total exportvolume. Such a significant contribution from gas exports furthersolidifies the vital role of the energy sector in Azerbaijan'seconomy.

Moreover, the surge in gas exports has translated intosubstantial revenue gains for the country. In January 2024, gasexports generated an impressive revenue of $739 million 790.78thousand, marking a remarkable increase of 5.3 times compared tothe previous year. This surge in revenue reflects the growingdemand and value of Azerbaijani gas in the internationalmarket.

In terms of destination, the bulk of Azerbaijan's gas exports inJanuary were distributed between Turkiye and Italy. Turkeyaccounted for the largest share with 43.4%, followed closely byItaly at 36.2%. This distribution highlights the strategicimportance of these markets for Azerbaijan's gas exports andunderscores the country's efforts to diversify its exportdestinations.

Overall, the substantial increase in gas exports in January 2024underscores Azerbaijan's growing influence as a major energysupplier and highlights the country's continued efforts to leverageits rich energy resources for economic growth and development.


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