"Growth of trade turnover between Uzbekistan and Azerbaijan: 6.2 times in 5 years"
Economy
The Center for Economic Research and Reform presented an analysis of foreign trade relations and the volume of trade between the two countries for the first six months of 2023.
The trade turnover between Uzbekistan and Azerbaijan has grown impressively over the past 5 years. From $29 million in 2017 to $181.2 million in 2022, this figure has increased 6.2 times.
Close economic ties between Uzbekistan and Azerbaijan have gained new growth. The free trade regime, which avoids customs duties and restrictions on the export and import of goods, creates a favorable environment for both strange entrepreneurs.
In the first 6 months of 2023, the volume of trade between Uzbekistan and Azerbaijan amounted to $84.6 million. Exports reached $64.1 million and imports $20.6 million. It is important to note that the share of trade with Azerbaijan amounted to only 0.3 percent of the total foreign trade turnover of Uzbekistan.
In 2022, the volume of trade between the countries increased by 52.4%, reaching $181.2 million. Exports increased significantly, amounting to $131.7 million, while imports - $49.5 million. The main categories of Uzbekistan's exports to Azerbaijan are textiles, food products, tobacco, electrical products, copper wire and others.
The structure of Azerbaijan's imports includes copper ores and concentrates, aluminum, oil products, foodstuffs and services. Thus, foreign trade relations between Uzbekistan and Azerbaijan continue to develop, reflecting the importance of economic integration and cooperation between the two countries.
Close economic ties between Uzbekistan and Azerbaijan have gained new growth. The free trade regime, which avoids customs duties and restrictions on the export and import of goods, creates a favorable environment for both strange entrepreneurs.
In the first 6 months of 2023, the volume of trade between Uzbekistan and Azerbaijan amounted to $84.6 million. Exports reached $64.1 million and imports $20.6 million. It is important to note that the share of trade with Azerbaijan amounted to only 0.3 percent of the total foreign trade turnover of Uzbekistan.
In 2022, the volume of trade between the countries increased by 52.4%, reaching $181.2 million. Exports increased significantly, amounting to $131.7 million, while imports - $49.5 million. The main categories of Uzbekistan's exports to Azerbaijan are textiles, food products, tobacco, electrical products, copper wire and others.
The structure of Azerbaijan's imports includes copper ores and concentrates, aluminum, oil products, foodstuffs and services. Thus, foreign trade relations between Uzbekistan and Azerbaijan continue to develop, reflecting the importance of economic integration and cooperation between the two countries.
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