Azerbaijan's ferrous imports increased by 25 % in the first six months

According to the State Customs Committee of Azerbaijan, the country imported 503,802.27 tonnes of ferrous steel products in the first six months of 2024, an increase of 25% compared to the same period last year. In value terms, the volume of imports increased by 20.4 % and reached 587,636.6 thousand US dollars. Imports of iron and steel products accounted for 6.63 % of the country's total import expenditures, which is higher than in January-June 2023 (5.95 %).

Azerbaijan also exported 42,236.44 tonnes of ferrous steel and their products in the first six months, down 31% year-on-year. The value of exports amounted to 40,433.21 thousand USD, which is 31.6% lower compared to the same period in 2023. The share of exports in the total volume was 0.31%, slightly lower than in January-June 2023 (0.33%).

Turkey is one of the most important foreign trade partners of Azerbaijan. In January-June 2024, Azerbaijan imported ferrous and non-ferrous metals worth $62.295 million from Turkey, which is 1.1% more than in the same period last year. In June alone, Turkey exported $9.687 million worth of ferrous and non-ferrous metals to Azerbaijan, 4.7% more than in June last year.