Azerbaijan's foreign trade surplus hits $10.5 bn

Azerbaijan’s foreign trade surplus amounted to $10.5 billion in 2021, the State Customs Committee has reported.

Last year, the country's trade turnover amounted to $33.9 billion. Of the total turnover, export amounted to $22.2 billion or 65.4 percent, while import was $11.7 billion or 34.5 percent, resulting in a surplus of $10.5 billion.

Moreover, legal entities and individual entrepreneurs in the country carried out trade operations with partners in 188 countries.

In terms of export, the EU countries accounted for $13 billion or 58.8 percent, the CIS countries for $1.7 billion or 8 percent, and other countries for $7.3 billion or 33.1 percent of the country's total export.

As to import, the CIS countries accounted for $2.9 billion or 25 percent, the EU countries accounted for $2.1 billion or 18.2 percent and other countries for $6.6 billion for 56.7 percent of the country's imports during the reported period.

Furthermore, 793,165 tons of cargo worth $716.3 million were transported by sea, 7 million tons worth $3.1 billion by railway, and 4.7 million tons worth $9.2 billion of cargo by car. Some 82,458 tons of cargo worth $1.5 billion were transported by air in 2021.

In the structure of exports, the main volume came from products of the oil and gas sector with 87.7 percent, while the nonoil and gas sector amounted to 12.2 percent of the total export volume.

Azerbaijan's main export transactions during the reported year were with Italy ($9.2 billion), Turkey ($2.8 billion), Russia ($920.8 million), Israel ($898 million), and Croatia ($751.2 million).

Azerbaijan's main import partners were Russia ($2 billion), Turkey ($1.8 billion), China ($1.6 billion), Germany ($634.3 million), and Ukraine ($470 million).