On May 21, the State Customs Committee (SCC) of the republic reported that in January-April of this year, trade operations worth 1 billion 917 million 636 thousand dollars were carried out between Azerbaijan and other countries of the Commonwealth of Independent States (CIS). This figure represents a 10.3% decrease compared to the same period in 2023.

During the first four months of 2024, Azerbaijan's trade operations with CIS countries constituted 32.3% of the total trade turnover of the largest economy in the South Caucasus. Trade turnover between Azerbaijan and Russia in the first quarter of 2024 amounted to $890.733 million, marking a 15.8% decline from the same period in 2023, according to data released by the SCC last month. From January to March, exports of Azerbaijani products to Russia totaled $288.962 million, a decrease of 12.3%, while imports from Russia amounted to $661.771 million, down 16.9%.

The SCC reported that Russia ranked third among Azerbaijan's trade partners after Italy and Turkey in the first quarter. During this period, trade operations with Russia accounted for 9.19% of Azerbaijan's foreign trade turnover.

At the end of 2023, trade turnover between Azerbaijan and Russia increased by 17.5% compared to the previous year, reaching $4.358 billion. Last year, trade operations with Russia accounted for 8.52% of the Transcaucasian Republic's total foreign trade turnover.