Azerbaijan's Remittances To China Soar In 2024

Data obtained by Trend from the Central Bank of Azerbaijan indicates that this metric experienced a substantial increase of $3.6 million, reflecting a remarkable growth rate of 44.3 percent in comparison to the previous fiscal year of 2023.

The People's Republic of China constituted a mere 2.2 percent of the aggregate remittance flows originating from Azerbaijan during the specified reporting period.

The aggregate monetary transfers from individuals residing in Azerbaijan to the People's Republic of China amounted to a substantial $8.2 million in the fiscal year 2023.

In aggregate, the cumulative remittance outflows from Azerbaijan to international jurisdictions reached $526.8 million in the fiscal year 2024, indicating a contraction of 4.2 percent relative to the preceding year, translating to a decrement of $23.4 million.

In the interim, the aggregate quantum of remittances accrued by Azerbaijan from external sources during the fiscal year amounted to $1.08 billion, reflecting a substantial contraction of 34.6 percent, equating to a decrement of $571.9 million relative to the preceding year of 2023.

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