Embassy of India

Baku, Azerbaijan

Economic and Commercial Brief

1. Over the years, India’s bilateral trade with Azerbaijan increased substantially from around US$ 50 million in 2005 to US$ 739 million in 2021. According to the Azerbaijani statistics, the bilateral trade further increased to US$ 1.882 billion in 2022 registering 156.4% increase. Indian export to Azerbaijan increased from US$ 45 million in 2011 to US$ 220 million in 2022. The important items of direct and indirect exports from India to Azerbaijan are rice, smart phones, oxides of aluminium, drugs, mobile phones, ceramic tiles and paving, granite, mechanical spades and excavators, meat of large horned livestock, vaccines for human medicine black tea etc. The major items of exports from Azerbaijan to India were crude oil, urea, oil coke, iodine, raw silk (not thrown), cattle skins, acyclic ethers and lemonade.

2. India’s imports from Azerbaijan in 2022 were US$ 1.662 billion. During January-December 2022, crude oil continued to be Azerbaijan’s main export to India, valuing US$ 1.625 billion accounting for 98% of total export.

3. Rice was the main commodity of import from India, amounting to US$ 34.4 million, which accounts for 80.8% of total import of rice in Azerbaijan. Smart phone was second major product imported from India in the amount of US$ 24.7 million accounting for 16.2%. Oxides of aluminum was the third major product of import from Azerbaijan in 2022, amounting to US$ 20.29 million sharing 38.6%. Drug import was in the amount of 19.6 million accounting for 4.7% of Azerbaijan’s global drug import and overall pharmaceutical products import from India was US$ 27.7 million. Mobile phone also was one of the commodities of import from India, amounting to US$ 11.5 million with 12.4% of total import of mobile phones in Azerbaijan.

4. Potential products of imports from India are Rice (HS100610/30), Black tea / Other black tea (HS 090230/40), Drugs / Human vaccine / Containing other antibiotics (HS 300490 / HS 300220 / HS 300420), Kali & natrium bromide (HS 282751), Types of mechanical spades & excavators (HS 842959), Parts boilers for central heating (HS 840310), Centrifugal liquid - pumps (HS 841370), Agricultural tractors& forestry tractors (HS 870193), parts and accessories for motor vehicles (HS 870899) and Cars (HS 870322), Granite (HS 680223), Ceramic tiles (HS 690721), Spices (HS 0904 - HS 0910), Articles of apparel and clothing accessories knitted or crocheted (HS 61) / Articles of apparel and clothing accessories, not knitted or crocheted (HS 62) / Other made up textile articles; sets; worn clothing and worn textile articles; rags (HS 63).

5. In terms of India's investment in Azerbaijan, ONGC Videsh Ltd acquired 2.72% participating interest in Production Sharing Agreement for Azeri, Chirag and deep-water portion of the Gunashli (ACG) fields in the Azerbaijan sector of the Caspian Sea from Hess (ACG) Ltd in 2013. ONGC Videsh Ltd invested more than US$ 1.2 billion in the project since March 2013. The Embassy of India continued its trade promotion activities by organising a large number of India-Azerbaijan B2B meetings during 2022-23 in diverse sectors in coordination with Indian export promotion councils.

BILATERAL TRADE WITH INDIA YEAR-WISE

(In million US$)

Source:- The State Statistical Committee of the Republic of Azerbaijan

TOP 10 ITEMS OF IMPORTS FROM INDIA IN 2022                                                                                                                                               

Source:- The State Statistical Committee of the Republic of Azerbaijan

TOP ITEMS OF EXPORT TO INDIA IN 2022

Source:- The State Statistical Committee of the Republic of Azerbaijan

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