Azerbaijan

Azerbaijan foreign trade surplus declined to USD 3.07 bln, a decrease from USD 3.85 bln in the previous year. Notably, the country’s non-oil and non-natural gas exports increased by 37% YoY to USD 651.4 mln, with Italy being its largest trading partner, followed by Turkey, Russia, and China. Meanwhile, Azerbaijan’s economic growth slowed to 0.4% YoY in the first three months of this year.