Country shows positive trade balance

By Azernews

By Leman Mammadova

The economy of Azerbaijan has been showing a steady growth in recent years. The country is actively expanding trade operations with foreign countries and achieves great results due to the development of local production.

The 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 goods and importing those that it lacks.

Conclusions on the activities of a country in the international market are made on the basis of the trade balance. Thus, there are concepts of positive (exports exceed imports) and negative (imports exceed exports) balance of foreign trade.

According to the CIS (Commonwealth of Independent States) Statistical Committee, Azerbaijan is among the three CIS countries that completed the first five months of 2019 with a positive trade balance.

The exports from the country amounted to $4.5 billion in January-May this year, and the volume of imports was $3.1 billion, says the message.

Russia and Kazakhstan also reached a positive result for the same period. Russia exported goods and services worth $104.4 billion, and imported for $56 billion, while Kazakhstan’s exports amounted to $13.3 billion, and imports - to $7 billion.

In general, Azerbaijan ranks fifth among the CIS countries in terms of exports and sixth in terms of imports.

Azerbaijan is a country with a well-developed industrial sector. Industrial output accounts for almost 60 percent of the country’s GDP.

Energy projects have also played a special role in expanding export markets for Azerbaijan. At present, oil and gas account for the main share in export, and export of non-oil products also shows an upward trend.

Opening of Azerbaijani trade houses abroad, organization of the export missions to foreign countries to promote Made in Azerbaijan brand further develop the share of non-oil products in the structure of the country’s exports.