Azerbaijan's foreign trade surplus hits $5bn in Jan-July

By Azernews

By Ayya Lmahamad

Azerbaijan’s foreign trade surplus amounted to $5 billion during the period of January-July 2021, the State Customs Committee has reported.

During the first seven months of the year, the country's trade turnover amounted to $17.6 billion. Of the total turnover, export amounted to $11.3 billion or 64.4 percent, while import was $6.2 billion or 35.6 percent, resulting in a surplus of $5 billion.

Moreover, legal entities and individual entrepreneurs in the country carried out trade operations with partners in 175 countries.

In terms of export, EU countries accounted for $6.2 billion or 54.6 percent, CIS countries for $891.3 million or 7.8 percent and other countries for $4.2 billion or 37.5 percent of the total country's export. 

As to the import, CIS countries accounted for $1.4 billion or 23.7 percent, European Union countries accounted for $1.2 billion or 20 percent and other countries for $3.5 billion for 56.1 percent of the country's imports during the reported period.

Furthermore, 382,492 tons of cargo worth $341.6 million were transported by sea, 3.7 million tons worth $1.6 billion by railway and 2.5 million tons worth $5.1 billion of cargo by car. Some 24,125 tons of cargo worth $770.9 million were transported by air in January-July.

In the structure of exports, the main volume came from products of the oil and gas sector with 88.1 percent, while the non-oil and gas sector amounted for 11.8 percent of the total export volume.

Additionally, during the reported months, Azerbaijan's main export transactions were with Italy ($4.3 billion), Turkey ($1.5 billion),  Spain ($514.4 million), Croatia ($497.4 million) and Russia ($486.5 million).

Azerbaijan's main import transactions during the first seven months of the year were with Russia with $1 billion, Turkey with $962.3 million, China with $835.2 million, Germany with $388 million and the U.S. with $261.7 million.