Azerbaijan, Kazakhstan See Growth in Mutual Trade Turnover in 2024

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In the past 10 months, trade turnover between Kazakhstan and Azerbaijan reached $393.8 million, reflecting a 38.7% increase compared to the previous year, or an additional $109.8 million.

Azerbaijan’s exports to Kazakhstan grew by 23.2%, reaching $107.7 million, while Kazakhstan’s exports to Azerbaijan surged by 45.6%, totaling $286 million, The Caspian Post reports, citing the State Customs Committee of Azerbaijan.

In 2023, during official visits by both heads of state, Kazakhstan and Azerbaijan set a target to elevate their mutual trade volume to $1 billion. Kazakhstan’s exports to Azerbaijan include precious metals, crude oil, oil products, and spare parts for electric engines. Meanwhile, Azerbaijan exports vessels, mineral waters, textiles, polyethylene, building materials, and fruits and vegetables to Kazakhstan.

Among the CIS countries, Russia and Belarus are Azerbaijan’s top trade partners, with trade volumes of $3.94 billion and $403.96 million, respectively. Notably, trade with Belarus grew by 47.7%, while trade with Russia increased by 14.5%. Kazakhstan ranks as Azerbaijan’s third-largest trade partner in the CIS, while the lowest commodity turnover was recorded with Tajikistan at $5.12 million.

Overall, trade turnover between Azerbaijan and CIS countries grew by more than 9% in 2024, with a total value of $5.7 billion, a $496.7 million increase from 2023.