Italy maintains dominance as Azerbaijan's top oil importer in 2024

Azerbaijan exported more than 6.575 million tons of crude oil, valued at just over $4.164 billion to Italy in the first nine months of 2024, Report informs, citing the State Customs Committee of Azerbaijan.

Despite a 17.66% decrease in volume and a 16.49% drop in value compared to the corresponding period of 2023, Italy remains Azerbaijan's top oil destination, accounting for 37.34% of the country's total oil exports.

Overall, 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.

Within the mentioned 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.