Turkmenistan-Azerbaijan Trade Volumes Up By 620%
The data is significant as it reflects growing destinations to Europe from Central Asian trade
The total trade volume between Turkmenistan and Azerbaijan reached US$305.5 million from January through to September 2022, which is 6.2 times an increase from US$48.6 million in the same period of 2021, according to statistics from Azerbaijan’s Customs Committee. The two countries are separated by the Caspian Sea.
Turkmenistan exported US$292.4 million worth of goods to Azerbaijan in the first 9 months of 2022, which is 13.6 times more than the same period in 2021 (US$21.5 million).
Turkmenistan’s share in the total volume of Azerbaijan’s imports amounted to 2.84% during the reporting period of 2022, compared to 0.26% during the same period of 2021, indicating that much of the shipments from Turkmenistan were bound for other markets West. These include Turkiye as well as onwards to the EU Black Sea ports in Bulgaria and Romania.
Turkmenistan’s imports from Azerbaijan amounted to US$13.1 million from January through September 2022, which is more than 2 times less than US$27.1 million for the same period in 2021. That indicates Central Asian trade to the EU is rising faster than EU exports to Central Asia. The Turkmenistan data is important as the country is the main conduit for Uzbekistan trade with the EU and UK – Uzbekistan has the only wide ranging Central Asian trade agreement with these areas, covering over 6,000 products.
Turkmenistan’s share in the total volume of Azerbaijan’s exports amounted to 0.04% during the reporting period of 2022, compared to 0.19% during the same period of 2021, again suggesting that the goods are not intended for their respective markets but for onward transit.