(MENAFN- AzerNews)
Ulviyya Shahin
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In January-April 2024, legal and natural persons from Azerbaijan
conducted trade operations with partners in 156 countries
worldwide, exporting products to 100 countries and importing from
148 countries, Azernews reports citing the
Statistics Committee.
According to the data, Italy accounted for 22.3% of the
country's foreign trade turnover, followed by Turkiye at 14.9%,
Russia at 9.6%, China at 7.6%, Israel at 4.7%, India at 4.3%,
Germany at 4.0%, Australia at 2.2%, the Czech Republic at 2.1%, and
Romania and Georgia each at 1.7%. Thailand stood at 1.6%, the
United States at 1.5%, Bulgaria and Greece each at 1.4%, and Iran,
Ukraine, and Turkmenistan each at 1.3%. Belarus, Korea, and France
accounted for 1.0% each, while Tunisia and Portugal each
represented 0.9%. Additionally, 10.7% of trade transactions were
conducted with other countries.
Azerbaijan, situated at the crossroads of Eastern Europe and
Western Asia, has a diverse economy driven by its rich energy
resources, particularly oil and natural gas. Over the past few
decades, the country has undergone significant economic
transformation, spurred by its strategic location, ambitious
development plans, and efforts to diversify its economic base
beyond the energy sector.
Following the dissolution of the Soviet Union in 1991,
Azerbaijan emerged as an independent nation, inheriting a centrally
planned economy. Since then, the government has implemented
extensive reforms to liberalize the economy, attract foreign
investment, and promote private sector development. These reforms,
coupled with prudent macroeconomic policies, have laid the
groundwork for sustained economic growth and stability.
Azerbaijan's economy experienced rapid expansion during the
early 2000s, fueled by soaring oil prices and large-scale energy
projects, such as the development of the Baku-Tbilisi-Ceyhan
pipeline. The energy sector became the cornerstone of the economy,
contributing significantly to government revenues and export
earnings.
However, recognizing the vulnerability of an economy overly
reliant on oil and gas, Azerbaijan has pursued a policy of economic
diversification in recent years. Efforts have been made to bolster
non-energy sectors such as agriculture, manufacturing, tourism, and
transportation. These diversification initiatives aim to reduce
dependence on hydrocarbon revenues, create job opportunities, and
foster sustainable economic growth.
Foreign trade plays a crucial role in Azerbaijan's economic
landscape, facilitating the exchange of goods and services with
partners worldwide. The country's strategic location, at the
crossroads of Europe and Asia, provides access to key markets and
trading routes. Azerbaijan's trade relations extend to numerous
countries across the globe, reflecting its efforts to foster
international economic cooperation and integration.
The Statistics Committee of Azerbaijan serves as the primary
authority responsible for collecting, analyzing, and disseminating
statistical data related to various aspects of the economy,
including foreign trade. Reports from the Statistics Committee
provide valuable insights into the trends and dynamics of
Azerbaijan's trade relations with other nations, helping
policymakers, businesses, and investors make informed
decisions.
Against this backdrop, the recent report indicating Turkiye's
significant share in Azerbaijan's foreign trade turnover
underscores the importance of bilateral economic ties between the
two countries. Turkiye, as a close neighbor and key trading
partner, plays a pivotal role in Azerbaijan's trade dynamics,
contributing to the mutual prosperity and economic development of
both nations.
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