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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 first five months totaled $40,880.2 million, comprising exports valued at $21,642.6 million and imports at $19,237.6 million. In the same period of the previous year, external trade turnover amounted to $38,296.2 million. Consequently, the region's external trade extended by 6.7% during the January-May period. In May of this year, trade turnover was $8,248.5 million.

In first five months of this year, Azerbaijan's share in trade turnover was 55.2%, while Georgia's and Armenia's percentages were 25.5% and 19.2%, respectively.

In May of this year, trade turnover increased by 9.6% year-over-year compared to the same month in the previous year. Monthly exports and imports were valued at $4,324.4.3 million and $3,924.0 million, respectively.

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