Russia – Azerbaijan 2021 Bilateral Trade Hits US$3 Billion

Posted by

The Russian Ambassador to Azerbaijan, Mikhail Bocharnikov said at a press conference yesterday (January 25) that bilateral trade between the two countries had reached US$2.9 billion for the January-November period of 2021, indicating that the likely bilateral trade volume once December was included would be over US$3 billion.

This is an increase of about 10% over the 2020 figures, indicating an upturn after Covid. Bilateral trade is focused mainly on the energy sector, with Azerbaijan exporting about US$900 million in goods to Russia, with some trade in agricultural produce. Russia exported about US$2.1 billion of products to Azerbaijan. Both countries are members of the Commonwealth of Independent States, a trade bloc that also includes Armenia, Belarus, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, and Uzbekistan.

Russian investments in Azerbaijan meanwhile have reached over US$4.2 billion, again mainly in the energy and chemicals industry.
Azerbaijan has been involved in a regional conflict with neighbouring Armenia and has been concentrating recent efforts on developing

trade ties with Turkey and Iran. The Azeri capital, Baku, is part of the International North-South Transport Corridor and an important Caspian Sea Port providing Central Asia trade access to the Caucasus, Russia, Turkey, and Europe.

Related Reading

 

About Us

Russia Briefing is written by Dezan Shira & Associates. The firm has 28 offices throughout Eurasia, including China, Russia, India, and the ASEAN nations, assisting foreign investors into the Eurasian region. Please contact Maria Kotova at russia@dezshira.com for Russian investment advisory or assistance with market intelligence, legal, tax and compliance issues throughout Asia.

Leave a Reply