17:14 - 3.04.2025

---

April 3, Fineko/abc.az. U.S. President Donald Trump has signed a decree on the introduction of new mutual tariffs against a number of countries around the world, including Azerbaijan. A minimum customs duty of 10% has been established for our country.

ABC.AZ reports, quoting MP and economist Vugar Bayramov, that despite the growth of trade turnover between Azerbaijan and the U.S. in recent years, our country imports much more goods from overseas than it exports. So, in 2024, Azerbaijan imported goods  for $1.617 bn from the U.S., while exports to the U.S. reached only $135.03 million. Thus, the negative balance in foreign trade with the U.S. totaled $1.482 billion.

At that, last year, compared with the previous year, imports from the U.S. grew 1.8-fold, and exports to the U.S. increased 8.4-fold. In other words, despite the small volume of exports, growth dynamics is very high. This means that the U.S. is becoming a new export destination for our entrepreneurs, the expert believes.

"The new tariffs will affect exports of non-oil and gas products to a greater extent. In 2024, exports of non-oil and gas products to the U.S. amounted to $134.663 million. At that, exports of goods of Azerbaijani origin reached $55.949 million. Considering that in 2024 the total export of non-oil/gas products reached $3.356 bn, and the export of non-oil/gas products of Azerbaijani origin - $2.883 bn, cooperation with the U.S. in this area does not have a large share yet," Bayramov said.

As for the structure of non-oil/gas exports to the U.S., in 2024 Azerbaijan supplied polymer substances worth $6.508 million, intestines, bladders and stomachs of animals for $593,000, juices of tropical and other fruits for $410,000, caviar of sturgeon for $279,000, unrefined olive oil to the country with the most powerful economy in the world. extra virgin oil for $242,000, fruit jams, jellies, marmalades and mashed potatoes for $177,000 and other goods.

"Thus, although Azerbaijan's non-oil/gas exports to the U.S. are not so large in volume, they are quite diversified by commodity groups. Therefore, although Washington's tariffs will not have a serious impact on Azerbaijan's exports to the U.S., they may affect the overall growth dynamics. Of course, in any case, the new tariff means new expenses. In other words, a decrease in the percentage of growth in total exports to the U.S. is possible. At that, since the goods sent to the U.S. are of rather specific nature, the 10% tariff may not affect their market position. But in any case, the new tariffs will mean the beginning of a new stage in the global economy," the MP concluded.