Azerbaijan’s crude oil exports to India drop in volume and value

Azerbaijan exported 894,130 tons of crude oil to India, valued at nearly $568.8 million during the first seven months of 2024, Report informs, citing Azerbaijan’s State Customs Committee.

Compared to the corresponding period of 2023, the exports dropped by 20.35 percent in volume and fell by 14.7 percent in value.

Over the course of seven months, India accounted for 6.1 percent of Azerbaijan’s total oil exports.

In total, Azerbaijan exported 14.696 million tons of crude oil and related products obtained from bituminous rocks, valued at just over $9.225 billion from January through July 2024.

During the reporting period, Azerbaijan conducted trade transactions with foreign countries worth just over $26.892 billion. Of that, $16.099 billion accounted for exports and just over $10.793 billion fell to imports. Over the past year, exports decreased by 22.5%, while imports increased by 12.9%.