Azerbaijan’s crude oil exports to India drop by nearly 13%

Azerbaijan exported almost 1.1 million tons of crude oil to India, valued at just under $683.7 million during the first nine months of 2024, Report informs, citing Azerbaijan’s State Customs Committee.

Compared to the corresponding period of 2023, the exports dropped by 12.6 percent in volume and fell by 7.5 percent in value.

Over the course of nine months, India accounted for 6.2 percent of Azerbaijan’s total oil exports.

In total, Azerbaijan exported just under 17.609 million tons of crude oil and related products obtained from bituminous rocks, valued at more than $11.8 billion in January-September 2024.

During the specified period, Azerbaijan conducted trade transactions with foreign countries worth $34.498 billion in the initial nine months of 2024. Of that, $19.855 billion accounted for exports and $14.643 billion fell to imports. Over the past year, exports decreased by 25 percent, while imports increased by 16 percent.