Azerbaijan`s trade sharply down over global crunch
Falling crude prices and the economic crisis that
has affected economies worldwide has caused a nearly four-fold
reduction in Azerbaijan`s foreign trade in the past year, the
government estimates.
The country`s imports dwindled 17%, while the slump in exports was considerably higher - 80%, in this period, according to the State Customs Committee.
Azerbaijan`s trade transactions with 126 countries exceeded $10 billion in January-July. The South Caucasus republic exported goods totaling $7.1bn, while imports stood at $3.2bn, resulting in a positive trade balance of $3.9bn.
Azerbaijan exported 1,600 types of goods in the first seven months of 2009, while the variety of goods delivered to the country was more than three times higher - 5,100. Analysts explain this is due to oil and oil products dominating the resource-rich country`s exports. Thus, 92% of the exports were made up of oil. Exports also included fruits, vegetables and vegetable oils, but their share in the overall bulk of exported goods was only 1%.
As for the breakdown in imports, machines and electric appliances, along with equipment and spare parts accounted for the largest share of the goods delivered to Azerbaijan at 33%. Vehicles and food are also among those commodities imported the most.
The country`s imports dwindled 17%, while the slump in exports was considerably higher - 80%, in this period, according to the State Customs Committee.
Azerbaijan`s trade transactions with 126 countries exceeded $10 billion in January-July. The South Caucasus republic exported goods totaling $7.1bn, while imports stood at $3.2bn, resulting in a positive trade balance of $3.9bn.
Azerbaijan exported 1,600 types of goods in the first seven months of 2009, while the variety of goods delivered to the country was more than three times higher - 5,100. Analysts explain this is due to oil and oil products dominating the resource-rich country`s exports. Thus, 92% of the exports were made up of oil. Exports also included fruits, vegetables and vegetable oils, but their share in the overall bulk of exported goods was only 1%.
As for the breakdown in imports, machines and electric appliances, along with equipment and spare parts accounted for the largest share of the goods delivered to Azerbaijan at 33%. Vehicles and food are also among those commodities imported the most.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
Subscribe
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!