On March 18, the State Customs Committee (SCC) of Azerbaijan reported that the country's foreign trade turnover for January-February 2024 stood at $7 billion 226.61 million, a modest 0.7% increase over the same period last year.

During the first two months of the current year, Azerbaijan experienced a 5.7% rise in export operations, totaling $4 billion 779.97 million, while import operations declined 7.7% to $2 billion 446.64 million.

Notably, Azerbaijan's foreign trade balance in the reporting period yielded a surplus of $2 billion 333.33 million, a 25% increase over the previous year.

Moreover, data from the State Customs Committee (SCC) of Azerbaijan indicated that the export of gas volumes declared at customs during January-February 2024 amounted to 3 billion 953 million 658.45 thousand cubic meters. This represents a significant increase of 3.3 times compared to last year.

During this reporting period, gas exports contributed 30.54% of Azerbaijan's total exports, a notable rise from 11.11% in January-February 2023.

The value of gas exports from Azerbaijan reached $1 billion 459 million 774 thousand, reflecting a growth of 2.9 times.

However, the SCC has not yet disclosed detailed information about the specific countries to which Azerbaijani gas was exported. The customs body maintains statistics on gas exports based on declarations provided after the actual sale of gas rather than at the time of its transportation through pipelines.

Azerbaijan has established gas supply agreements with six European nations: Italy, Greece, Bulgaria, Romania, Hungary, and Serbia. Additionally, several other European countries have shown interest in purchasing Azerbaijani gas, as Interfax-Azerbaijan reported on Monday.

Furthermore, Azerbaijani gas is exported to Turkey through the Trans-Anatolian Pipeline (TANAP) and the South Caucasus Pipeline Mainline (SCPM), as well as to Georgia via SCPM and the Gazimagomed-Gazakh gas pipeline.