18.09.23
Azerbaijan and Hungary have managed to establish close economic relationship in recent years, which may enter a new stage of development in the near future.
According to the State Customs Committee of Azerbaijan, trade turnover with Hungary in January-July 2023 amounted to $29.6 million, which is 24.85% much than a year earlier. Last year, mutual trade increased by 34.8%. Azerbaijan’s exports are also increasing rapidly - by 50% on average over the past three years, and double the number of deliveries was recorded in the first seven months of this year.
Energy plays a fundamental role in the cooperation between two countries. Hungary will receive about 100 million cubic meters of gas by the end of this year, and 1-2 billion cubic meters per year in the future.
Hungary's Minister of Foreign Affairs and External Economic Relations Peter Szijjarto said in an interview with Bloomberg TV that the country needs new relationship, new supply routes, and Organization of Turkic States offers a very good opportunity to become a bridge between East and West. According to Szijjarto, due to cooperation with Azerbaijan, Turkey and Central Asian countries, Hungary has good opportunities for oil and gas supplies.
