Italy continues to lead as top importer of Azerbaijani oil in 2024

Azerbaijan exported just over 6.226 million tons of crude oil, valued at more than $3.94 billion to Italy in the first eight months of 2024, Report informs, citing the State Customs Committee of Azerbaijan.

Despite a 17.6% decrease in volume and a 16.1% drop in value compared to the corresponding period of 2023, Italy remains Azerbaijan's top oil destination, accounting for 37.8% of the country's total oil exports.

Overall, Azerbaijan exported just under 16.476 million tons of crude oil and related products obtained from bituminous rocks, valued at more than $10.3 billion in January-August 2024.

During the reporting period, Azerbaijan conducted trade transactions with foreign countries worth over $30.995 billion in the initial eight months of 2024. Of that, $18.231 billion accounted for exports and $12.763 billion fell to imports. Over the past year, exports decreased by 25 percent, while imports increased by 14 percent.