Apr 17, 2024 (MENAFN via COMTEX) --
(MENAFN - AzerNews)
Fatime Letifova Read more
In January-March, Azerbaijan conducted trade transactions withforeign countries worth $9,696,000,000, down 17.6% from theprevious year, Azernews reports, citing the StateCustoms Committee.
Exports accounted for $5,984,000,000 (-22.7%) of foreign tradeturnover, and imports accounted for $3,712,000,000 (-7.9%).
Consequently, the positive balance in the foreign trade turnoveramounted to $2,273,000,000 (-38.7%).
In the backdrop of geopolitical shifts and global economicdynamics, Azerbaijan navigated a period of fluctuating tradeactivity in the first quarter of the year. Amidst a landscapemarked by ongoing global challenges, including the enduring impactsof the COVID-19 pandemic and shifts in international tradepatterns, Azerbaijan's trade transactions with foreign partnersregistered at $9,696,000,000.
This figure reflected a notable decline of 17.6% compared to thecorresponding period in the previous year, signalling a nuancedinterplay of factors influencing the country's trade performance insights, provided by the State Customs Committee and reportedby Azernews, underscored the complexities shaping Azerbaijan'seconomic engagement on the global stage.
Within this trade landscape, exports constituted a substantialportion, amounting to $5,984,000,000. However, this represented asignificant decrease of 22.7% compared to the previous year,indicating challenges in maintaining export momentum amidstevolving market conditions and international dynamics.
Conversely, imports during the period stood at $3,712,000,000,reflecting a comparatively moderate decline of 7.9%. This figurehighlighted the resilience of Azerbaijan's import activities,albeit against a backdrop of broader economic uncertainties andshifting demand patterns.
Despite the decline in both exports and imports, Azerbaijanmaintained a positive balance in its foreign trade turnover, with asurplus of $2,273,000,000. However, this represented a notabledecrease of 38.7% compared to the previous year, reflecting theoverall impact of external factors on the country's tradedynamics.
Against a backdrop of global economic shifts and ongoingchallenges, Azerbaijan's trade performance in the first quarter ofthe year underscored the need for adaptive strategies to navigateevolving market conditions and optimise economic resilience. AsAzerbaijan continues to engage with the international community,monitoring and responding to dynamic trade dynamics will remainintegral to sustaining economic growth and stability in theregion.
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COMTEX_451004855/2604/2024-04-17T19:57:52
