Azerbaijan sees almost 7-fold growth in crude oil exports to Portugal

Azerbaijan exported 640,089 tons of crude oil to Portugal, valued at more than $404.3 million in the first seven months of 2024, Report informs, citing Azerbaijan’s State Customs Committee.

Compared to the corresponding period of 2023, the exports soared by 6.9 times in volume and 6.4% in value.

The share of crude oil exported to Portugal in Azerbaijan’s total oil exports was 4.36%.

Overall, 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.

In that 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%.