Page 46 - Russia OUTLOOK 2023

Turkey’s bilateral trade with Russia in 2021 reached about $30bn, with
some $23bn of this being Russian exports to Turkey. The two countries
engage in a great deal of energy trade; however, Russia’s need for parallel
imports is also feeding an increase in bilateral trade. In the 10M 2022,
Turkey-Russia bilateral trade is about $60bn, of which Russian exports to
Turkiye amount to $25.99bn. Compounded over the whole of 2022, this would
indicate a total trade volume of some $72bn and Russian exports of about
$31.19bn, increases of $42bn and $8.2bn respectively.

President of Azerbaijan Ilham Aliyev is satisfied with the growth of trade
turnover with Russia, and he sees prospects for its growth. According to the
leader, there is potential in the area of cargo transportation as well. "We are
very glad, of course, that mutual trade is returning to the pre-pandemic level,
and I am confident that the dynamics will persist," he said. Aliyev welcomed
Russian Prime Minister Mikhail Mishustin, who was paying a visit to Baku, at
his Zagulba residence near the Caspian Sea on November 18.

The trade turnover between Azerbaijan and Russia in January-October 2022
rose by 22.3% y/y and amounted to $2.868bn, the State Customs Committee
of Azerbaijan announced.

According to the report, the export of Azerbaijani products to Russia in
January-October amounted to $719.1mn (+3.2% y/y); imports of goods from
Russia were $2.149bn (+30.4% y/y).

Russia ranked third among Azerbaijan's trading partners in the reporting
period, after Italy and Turkey. The share of trade operations with Russia during
this period accounted for 6.19% of the total foreign trade turnover of the
country.

In 2021, the trade turnover between Azerbaijan and Russia increased by

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