NEW DELHI- India’s trade with Türkiye (Turkey) and Azerbaijan thrives, reaching $12 billion annually, driven by exports, imports, and energy partnerships. Tourism and direct flights further strengthen ties, despite regional tensions.
India is a major importer of Azerbaijani crude oil and a growing export partner for Türkiye, with travel and tourism also showing double-digit growth.
Photo: Nabil Molinari | FlickrIndia’s $12 Billion Trade
India’s bilateral trade with Türkiye stood at $10.43 billion in FY2023–24, according to the Ministry of External Affairs (MEA).
India exported goods worth $6.65 billion to Türkiye while importing $3.78 billion in return. Though slightly lower than the previous fiscal year’s $13.8 billion, the figures underscore a sustained economic partnership.
India’s engagement with Azerbaijan has also grown significantly. From just $50 million in 2005, bilateral trade reached $1.435 billion in 2023.
India imported $1.235 billion worth of goods, mainly crude oil, and exported products worth $201 million.
India was the third-largest destination for Azerbaijan’s crude oil, accounting for 7.6% of its total exports valued at $1.227 billion.
As per data from the Department for Promotion of Industry and Internal Trade (DPIIT), foreign direct investment (FDI) from Türkiye to India totaled $227.5 million between April 2000 and December 2023.
Indian companies have invested around $200 million in Türkiye between August 2000 and March 2024.
Photo: Ryan Clyde, Pilot at British AirwaysRising Travel and Tourism
According to Business Today, 117,302 Indian tourists visited Azerbaijan in 2023, nearly doubling the 2022 figure of 60,731. By early 2024, that number had already surpassed 243,000.
India is currently the fourth-largest source of tourists for Azerbaijan, following Russia, Türkiye, and Iran.
Direct air connectivity, ten weekly flights between Delhi (DEL) and Baku (GYD) operated by IndiGo (6E) and Azerbaijan Airlines (J2), has contributed to this surge.
Similarly, Turkey saw a 20.7% year-on-year increase in Indian tourist arrivals, with 330,000 Indians visiting in 2023, up from 274,000 in 2022.
However, recent border tensions between India and Pakistan have influenced travel sentiment.
As both Türkiye and Azerbaijan expressed diplomatic support for Pakistan, several Indian travel operators have paused bookings to these destinations, advising caution.
Photo: avgeekwithlens/ Harsh TekriwalEconomic Cooperation
India’s growing footprint in Türkiye and Azerbaijan signals a diversification in economic cooperation beyond energy and travel.
The sectors of pharmaceuticals, textiles, construction, and IT services are increasingly becoming part of bilateral trade discussions.
Indian companies are also exploring infrastructure and renewable energy projects in Azerbaijan, while Türkiye is seeking to boost its industrial exports to India.
Despite occasional political tensions, India’s long-term economic agenda with these countries remains focused on expanding trade, enhancing investment flows, and deepening people-to-people ties.
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