TODAY.AZ / Business

Country's trade hits $14 billion

16 July 2019 [15:15] - TODAY.AZ

By Azernews


By Leman Mammadova

Azerbaijan’s foreign trade turnover amounted to $14.07 billion in January to May 2019.

According to the State Statistical Committee, the country exported goods worth $8.24 billion, while the cost of imports totaled $5.83 billion. Thus, the trade surplus amounted to $2.4 billion.

The country’s trade turnover at actual prices increased by 16.5 percent compared to the same period last year, including imports that rose by 51.3 percent and exports up by 0.1 percent.

In real terms, turnover increased by 6.8 percent, imports by 20.4 percent, and exports by 0.4 percent.

In the first five months of 2019, individuals and legal entities of Azerbaijan conducted trade operations with their partners from 174 countries. The products were exported to 102 countries and imported from 163 countries.

The main exports were delivered to Italy (28 percent), Turkey (11.4 percent) and China (7 percent). Meanwhile, 5.6 percent of trade accounted for India, 5.5 percent for Germany, 5.2 percent for Israel, 5 percent for Spain, 3.9 percent for the Czech Republic, 3.4 percent for Georgia, 3.2 percent for Russia, 3 percent for France, 2.5 percent for Portugal, and 14.6 percent for other countries.

Azerbaijan mainly received imports from Switzerland (14.2 percent), Russia (14 percent) and Turkey (9.7 percent). The list followed by China (8.3 percent), the U.S. (6.6 percent), Germany (4.8 percent), Iran (4.6 percent), Canada (3.6 percent), Australia (3.5 percent), Ukraine (3.1 percent), Italy (2.7 percent), France (2.1 percent), Kazakhstan (2 percent), and other countries (20.8 percent).

Azerbaijan is among the three CIS countries that completed the first five months of 2019 with a positive trade balance.

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. The country’s economy develops by exporting wealthy goods and importing those that it lacks.

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.

URL: http://www.today.az/news/business/184518.html

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