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The South Caucasus countries - Armenia, Georgia, and Azerbaijan - are small, open economies with high levels of integration into global markets. This economic openness means that international trade plays a vital role in their development. External trade is making an outstanding contribution to the region's economic growth (see Monthly Review of the Caucasus Economy).

According to our estimates, the South Caucasus region's trade turnover for the first eight months totaled $61,453.9 million, comprising exports valued at $26,149.9 million and imports at $35,303.9 million. In the same period of the previous year, external trade turnover amounted to $67,097.5 million. Consequently, the region's external trade contracted by 8.4% during the January-August period.

In the first eight months of this year, Azerbaijan's share in trade turnover was 52.5%, while Georgia's and Armenia's percentages were 26.4% and 21.1%, respectively.

In August, trade turnover decreased by 10.3% year-over-year compared to the same month in the previous year. Monthly exports and imports were valued at $3,271.1 million and $4,233.5 million, respectively.

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