Trade turnover between Azerbaijan and India totalled $1 bln 107.9 mln in January-November 2023. Based on the report of the State Customs Committee, the volume of this indicator decreased by 40 percent or $751.1 million compared to the corresponding period of last year, Azernews reports.
Thus, in January-November 2022, the volume of trade turnover between Azerbaijan and India totalled $1 bln 859.1 mln.
During the reporting period, the volume of exports from Azerbaijan to India decreased by 44.4 percent to $924.5 mln, while the volume of exports from India to Azerbaijan fell by 6.7 percent to $183.4 mln.
It should be noted that India ranks third among the countries to which Azerbaijan exports crude oil.
A Decrease in Trade Turnover
The volume of trade between these two countries fell by 40 per cent, or $751.1 million, compared to the same period in the preceding year.
However, it is important to note this downturn in trade within the context of Azerbaijan’s overall economic performance. Notably, despite this decrease in trade with India, the Azerbaijani economy has been on an upward trajectory. As noted by President Ilham Aliyev, the country’s GDP was set to reach a record of 130 billion manat ($76.5 billion) by the end of 2022, driven by high energy prices and a rich supply of oil and gas.
Trade in Perspective
While the decrease in trade turnover with India is significant, it represents a small fraction of Azerbaijan’s overall economy. The country’s external debt to GDP ratio remains low at 10%, and its foreign exchange reserves are eight times higher, indicating a robust economic position.
Considering this, the decrease in trade turnover with India may not have a substantial impact on the broader Azerbaijani economy.