TODAY.AZ / Business

Trade turnover of Azerbaijan hits over $ 26.5B

12 December 2018 [16:46] - TODAY.AZ

By Azernews


By Leman Mammadova

In January-October, legal entities and individuals of Azerbaijan carried out trade operations with 178 countries, products were exported to 104 countries and imported from 171 countries.

The State Statistical Committee told AZERTAC that in January-October 2018 foreign trade turnover of the country amounted to $ 26.534,3 billion, while export amounted to $ 17.281,7 billion, import - $ 9.252,6 billion. This resulted in a positive trade balance of $ 8.029,1 billion.

Foreign trade turnover increased by 36.4 percent compared to January-October 2017. In the mentioned period, export increased by 38.3 percent and import by 33 percent compared to the previous year.

In real terms, the turnover increased by 1.3 percent, including exports by 1 percent and imports by 1.9 percent.

According to the State Customs Committee, 27.7 percent of exports were exported to Italy, 9.3 percent to Turkey, 6.3 percent to Israel, 4.7 percent to India, 4.5 percent to Czech Republic and Taiwan (China), 4.3 percent to Germany , 3.5 percent to Canada, 3.4 percent to Indonesia, 3.2 percent to Russia, 3.0 percent to Portugal, 2.8 percent to France, 2.7 percent to Georgia and 20.1 percent to other countries

As many as 16 percent of the total value of imported products in Azerbaijan accounted for Russia, while 14.2 percent for Turkey, 10.3 percent for China, 5.7 percent for Germany, 4.9 percent for the U.S., 4.4 percent for Switzerland, 3.9 percent for Ukraine, 3.7 percent for Japan, 3.3 percent for Iran, 3.0 percent for Italy, 2.1 percent for the United Kingdom, 1.8 percent for South Africa and 26.7 percent for other countries.

Export and import operations develop and expand national economies as well as constitute the basis of successful business. A country’s economy develops by exporting wealthy assets and importing goods that it lacks. Countries want to be net exporters rather than net importers.

Export potential, as part of the country's economic potential, is the ability to produce and export various types of material goods and services that meet the requirements of foreign market consumers as a result of the full utilization of production facilities of the national economy and its separate industries.

Energy projects have played a special role in expanding export markets in Azerbaijan.

It should be noted that at present, oil and gas account for the main share in export, although export of non-oil products also shows an upward trend.

According to the State Customs Committee of the Republic of Azerbaijan, in January-October 2018, oil exports from Azerbaijan totalled 24.195 million tons worth $ 12.923 billion, while gas export made 6.184 billion cubic meters in the amount of $ 1.209 billion.

Made in Azerbaijan brand and organization of the export missions for its promotion in foreign markets further developed export share of non-oil products of Azerbaijan.

In January-October 2018, the export on non-oil products amounted to $1.351 billion, that is  $132 million or 11 percent more compared to the previous year

Most of the non-oil products were exported to Russia - $467.1 million (10 percent more compared to the previous year). Non-oil exports to Turkey amounted to $293.8 million (21 percent more), $114.4 million - to Switzerland (1 percent more) and $38.4 million to Kazakhstan (48 percent more). Export to Georgia decreased to $106.5 million (4 percent less).

The first place among non-oil sector goods exported in ten months is occupied by tomatoes ($ 149.9 million), second place - gold ($ 99.9 million) and third place - polyethylene in primary form with a specific weight below 0.94 ($ 68.5 million).

The export value of fruits and vegetables in January-October 2018 amounted to $ 405.5 million, plastics and plastic products - $ 103.6 million, aluminum and aluminum products - $ 102.7 million, electricity - $ 60 million, ferrous metals and products from them - $ 72.2 million, cotton fiber - $ 64.5 million , chemical products - $ 63.9 million , cotton yarn - $ 19 million.

URL: http://www.today.az/news/business/176973.html

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