Deloitte: Azerbaijan’s trade balance to be positive in next 4 years

By the end of this year, Azerbaijan’s exports of products will reach $23 billion, while imports will reach $12.1 billion, Report informs referring to the Deloitte’s Business Outlook in Azerbaijan.

According to the document, by 2023 exports are projected to grow to $22.6 billion, imports to $13.1 billion, in 2024 - to $23.7 billion and $14 billion, and in 2025 - to $24.9 billion and $14.8 billion, respectively.

The country's trade turnover in 2022 is expected to reach $35.1 billion (growth by 3.5%), in 2023 - $35.7 billion (growth by 1.7%), in 2024 - $37.7 billion (growth by 5.6%), and in 2025 - $39.7 billion (growth by 5.3%).

“Trade surplus tripled from $3 billion in 2020 to $9.9 billion in 2021. For the next four years, Azerbaijan's trade balance is forecasted to be consistently positive. Azerbaijan’s main trading partners are Italy, the United Kingdom, the United States, Turkey, Israel, France, Indonesia, Russia, Germany, and India,” reads the report.

According to the State Customs Committee, in 2021 Azerbaijan carried out trade operations with foreign countries for $33.912 billion, which is 38.6% more than in 2020.