BAKU, Azerbaijan, April 29. In the first two months of 2024, Azerbaijan's foreign trade turnover totaled $6.4 billion, with exports at $3.98 billion and imports at $2.44 billion, reflecting a 23.5 percent decrease in actual prices and a 15 percent decline in real terms, including a 19.9 percent decrease in imports and a 12.7 percent decrease in exports, a member of the Committee for Economic Policy, Industries, and Enterprising of Milli Majlis (Parliament) of Azerbaijan, Vugar Bayramov, said, TurkicWorld reports.
According to him, exports of non-oil and gas products amounted to $455 million compared to the same period last year, decreasing by 30.1 percent in actual prices and by 36.9 percent in real terms.
"Notably, in the first two months of this year, there was little deviation in world market prices for oil compared to the corresponding period last year, with Brent crude prices hovering around $82.5 in January 2023 and $82.8 in February, and fluctuating between $80.12 and $83.48 in the same months this year. The average price for the first two months of 2023 was $82.65, slightly lower than the $81.8 average for the same period this year.
It seems that the world oil market price hasn't significantly influenced the decline in trade; however, a reduction in oil production by 6.7 percent has contributed to an overall decrease in trade turnover. Oil and gas exports, which constitute about 90 percent of Azerbaijan's exports, have seen a decline, while decreased imports can be attributed to seasonal factors and new government procurement regulations.
Furthermore, reduced exports of electricity and alcoholic and non-alcoholic beverages have impacted total non-oil exports. Given the importance of economic diversification, prioritizing the diversification of non-oil and gas exports and export markets remains crucial," Bayramov said.
