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Trade turnover between Azerbaijan and Russia rose 10.1% year-on-year to nearly US$4.8 billion in 2024, Azerbaijan’s State Customs Committee (SCC) has stated. This places Russia third among Azerbaijan’s foreign trade partners after Italy and Turkey.
The volume of Azerbaijan’s exports to Russia decreased 1.5% year-on-year to US$1.178 billion. Exports to Russia accounted for 4.4% of Azerbaijan’s exports, placing Russia third, up from sixth in 2023, among the countries to which Azerbaijan exported in 2024.
Russia is also the largest buyer of Azerbaijan’s non-oil products at a share of 34.6%, with supplies increasing 4.3% year-on-year to US$1.162 billion.
Imports of Russia’s products to Azerbaijan increased 14.5% year-on-year to US$3.621 billion, with Azerbaijan’s share of imports from Russia accounting for 17.2% in the overall volume, placing Russia second after China.
Russian exports to Azerbaijan mainly consist of wheat, meslin, crude petroleum, crude petroleum products derived from bituminous minerals, timber, various gaseous hydrocarbons, mineral or chemical fertilizers. From November 2022 Russia also began selling gas.
Azerbaijan sends to Russia mostly animal products, plastics, rubber and rubber, machinery, equipment and apparatus, mineral products, and oil.
Russia and Azerbaijan are both members of the Commonwealth of Independent States, while trade has also improved as a result of the settlement of the Armenia-Azerbaijan war and the impact of the North-South Transport Corridor, which has improved road, rail and maritime connectivity.
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