(MENAFN- AzerNews)
Ulviyya Shahin Read more
The recent disclosure by the State customs Committee ofAzerbaijan sheds light on the evolving dynamics of trade betweenAzerbaijan and the Commonwealth of Independent States (CIS). Thereported trade volume for January-April 2024 reveals bothsignificant figures and notable declines compared to the previousyear, prompting a closer examination of the economicimplications.
Trade operations totaling $1.92 billion between Azerbaijan andCIS countries during the first four months of 2024 underscore thesubstantial economic interactions within the region. However, thisfigure represents a 10.3% decrease from the same period in 2023,indicative of shifting trade patterns.
Notably, trade operations with CIS countries constituted 32.3%of Azerbaijan's total trade turnover during the reporting period,emphasising the significance of these partnerships in the country'seconomic landscape.
During this period, the value of Azerbaijan's trade turnoverwith various countries decreased.
Specifically, with Russia, it amounted to 1 billion 308 million456 thousand US dollars (5.7% less compared to a year ago), withUkraine 152 million 922 thousand US dollars (44.6% more), withTurkmenistan 150 million 614 thousand US dollars (49.2% less), withBelarus 137 million 63 thousand US dollars (22.1% more), withKazakhstan 87 million 269 thousand US dollars (47.9% less), withUzbekistan 50 million 944 thousand US dollars (6.9% less), withKyrgyzstan 24 million 728 thousand US dollars (2.7 times more),with Moldova 3 million 422 thousand US dollars (15.3% less), andwith Tajikistan 2 million 208 thousand US dollars (78.2% more).
Detailed Analysis
Russia: Despite remaining a key trading partner, tradewith Russia witnessed a 5.7% decline compared to the previous year,amounting to $1.31 billion.
Ukraine: Trade with Ukraine surged by 44.6%, reaching$152.92 million, indicating potential opportunities for expandedcollaboration.
Turkmenistan: A significant decrease of 49.2% in tradewith Turkmenistan, totaling $150.61 million, suggests challenges orshifts in bilateral relations.
Belarus: Trade with Belarus experienced a noteworthyincrease of 22.1%, reaching $137.06 million, possibly reflectingstrengthened ties between the two nations.
Kazakhstan: Trade with Kazakhstan decreased by 47.9%,amounting to $87.27 million, signalling a notable downturn ineconomic activity.
Uzbekistan: Despite a moderate decline of 6.9%, tradewith Uzbekistan stood at $50.94 million, maintaining a stable butslightly reduced level of engagement.
Kyrgyzstan: Trade with Kyrgyzstan exhibited asignificant increase, rising 2.7 times to $24.73 million,indicating a potential area for further exploration andinvestment.
Moldova: Trade with Moldova saw a modest decrease of15.3%, amounting to $3.42 million, suggesting relatively stable butslightly reduced trade relations.
Tajikistan: The most notable increase was observed intrade with Tajikistan, surging by 78.2% to $2.21 million,potentially signalling emerging opportunities in bilateraltrade.
The disclosed trade data between Azerbaijan and CIS countriesfor January-April 2024 provides valuable insights into the evolvingeconomic landscape of the region. While the overall trade volumeremains substantial, the notable declines in trade with keypartners like Russia and Turkmenistan, along with significantincreases with others like Ukraine and Kyrgyzstan, indicate adynamic shift in trade dynamics. Understanding these trends iscrucial for policymakers and businesses alike to adapt strategiesand seize emerging opportunities amidst changing economicrealities.
MENAFN21052024000195011045ID1108239696
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.