Azerbaijan-Russia trade turnover reaches $3bn

By Azernews

By Rasana Gasimova

Azerbaijan accounts for 50 percent of Russia's trade in the South Caucasus region.

The trade turnover between Azerbaijan and Russia increased by 18.5 percent to reach $3 billion 22 million 46,000 year-on-year in 2019, the State Customs Committee has told local media.

According to the information provided by the State Customs Committee, the share of trade operations with Russia accounted for 9.07 percent of Azerbaijan’s total foreign trade turnover in 2019.

During the reporting period, the volume of export of Azerbaijani products to Russia amounted to $731 million 826,200 (a 9.9 increase). In 2019, 3.73 percent of Azerbaijani exports accounted for those to Russia.

In 2019, Russia imported products worth $2 billion 290 million 219,800 to Azerbaijan. This indicates a 21.5 increase compared to 2018. The share of supplies from Russia accounted for 16.76 percent in the total volume of imports to Azerbaijan.

The negative balance of Azerbaijan in trade relation with the Russia amounted to $ 1 billion 558 million 393,600 in 2019.

Russia is the leader in the import of Azerbaijan’s non-oil products. In recent years, economic ties between the two countries have been increasing.

About 950 companies with Russian capital operate in Azerbaijan. So far, the value of investments by Russian companies in Azerbaijan have mounted to $4.9 billion, and the Azerbaijani investments in Russia stood at $1.2 billion.

The two countries also cooperate in energy, transport, humanitarian sphere, tourism, agriculture, military-technical and other spheres.