How will Washington's new tariffs affect Azerbaijan?

"US President Donald Trump signed a decree on mutual tariffs in relation to countries around the world. Azerbaijan is among the countries to which tariffs are applied. A minimum customs duty of 10% has been established for our country".

As reported by BAKU.WS, this was stated by deputy Vugar Bayramov.

According to him, despite the growth in trade turnover between Azerbaijan and the United States in recent years, our country imports more goods from across the ocean:

"Thus, in 2024, Azerbaijan imported goods worth 1 billion 617 million dollars from the United States, while our exports to the United States for the same period amounted to only 135 million 30 thousand dollars. This means that in foreign trade with the United States, we have a negative balance of 1 billion 482 million dollars.

At the same time, last year compared to the previous year, our imports from the United States increased by 1.8 times, and exports to the United States - by 8.4 times. That is, despite the small volume of exports, the growth dynamics are very high. This means that the United States is becoming a new export destination for our entrepreneurs.

Naturally, the new tariffs most affect non-oil and gas export products. In 2024, our export of non-oil and gas products to the United States amounted to 134 million 663 thousand dollars. Exports of non-oil and gas products of Azerbaijani origin amounted to 55 million 949 thousand dollars. Considering that in 2024 our total export of non-oil and gas products amounted to 3 billion 356 million dollars, and the total export of non-oil and gas products of Azerbaijani origin - 2 billion 883 million dollars, our cooperation with the United States in this area does not have a high share.

As for our export of non-oil and gas products to the United States, in 2024 to the country with the most powerful economy in the world, we exported other substances in primary forms resulting from polymerization worth 6 million 508 thousand dollars, intestines, bladders and stomachs of animals, fresh, chilled, frozen products worth 593 thousand dollars, tropical and other fruit juices worth 410 thousand dollars, sturgeon caviar worth 279 thousand dollars, unrefined extra virgin olive oil worth 242 thousand dollars, fruit jams, fruit jelly and jam, fruit purees and pastes and other products worth 177 thousand dollars.

As can be seen, although Azerbaijan's non-oil and gas exports to the United States do not amount to a large sum, they are diversified by product groups. This means that Washington's tariffs, while not having a serious impact on Azerbaijan's exports to the United States, may affect the overall growth dynamics. Of course, in any case, the new tariff means new expenses. That is, it is not excluded that the percentage growth of our total exports to the United States will decrease. At the same time, since the products we send to the United States are more specific, the 10 percent tariff may not affect the position of these products in the market. But in any case, the new tariffs will mean the beginning of a new stage in the world economy".