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Azerbaijan’s Trade Turnover with European Countries Increases
Azerbaijan has seen a notable increase in its trade turnover with European countries. The total volume of trade between Azerbaijan and the European Union (EU) bloc in the first quarter of 2024 reached $5.3 billion. This represents a significant rise compared to the same period in the previous year.
The article highlights that trade turnover with EU member states grew by 19.6% from January to March 2024, compared to the first quarter of 2023. This expansion indicates strengthening economic ties and increased commercial activity between Azerbaijan and its European partners.
Within this overall growth, exports from Azerbaijan to the EU countries experienced a substantial increase of 24.7%. This suggests that Azerbaijani goods and services are finding a larger market within the EU. Conversely, imports from the EU to Azerbaijan also rose, albeit at a lower rate of 2.8% during the same period.
This trend underscores the growing importance of the European Union as a key trading partner for Azerbaijan. The data points to a dynamic economic relationship that is expanding in both directions, with a particular surge in Azerbaijani exports to the bloc.
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