Azernews.Az

By Leman Mammadova

Trade between Azerbaijan and other countries reached $5.317 billion in January-February 2019.

According to the State Customs Committee, exports from Azerbaijan amounted to $3.152 billion, while imports were $2.165 billion, AZERTAC reports.

Italy, Turkey and Russia entered the list of top three countries trading with Azerbaijan. The trade turnover with Italy amounted to $1.239 billion, Turkey – $471.377 million, with Russia – $340.512 million.

Italy was Azerbaijan’s main export market in two months of this year. The volume of export with Italy made $1.187 billion, official figures suggest.

According to statistics, Turkey and Germany are second and third largest export destinations of Azerbaijan respectively. Azerbaijani exports to Turkey amounted to $274.742 million, while those to Germany totaled $240.647 million.

Azerbaijan exported goods worth $2.201 billion to EU countries in January-February this year which is more than $1.66 billion in comparison with the corresponding period of 2018.

The value of imported goods from the EU countries in the past two months amounted to $329.870 million.

In the last two months, Azerbaijan most imported from Switzerland, Russia and Turkey. Imports from Switzerland amounted to $275.146 million, from Russia $251.776 million and from Turkey $196.634 million

In the reporting period, Azerbaijan exported $143.72 million worth of goods to CIS countries, which is $6.331 million less than in the same months of 2018.

The value of Azerbaijan's imports from the CIS countries amounted to $425.928 million in the first two months of this year.

In the list of non-oil products exported in January-February, the electricity ($ 30.5 million) is the first. Raw seedless cotton comes second ($ 25.9 million), while peeled nuts ($ 24.7 million) is on the third place.

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 assets and importing goods that it lacks. Countries strive to be net exporters rather than net importers.

Export potential, as part of the country's economic potential, is the ability to produce and export various types of material goods and services that meet the requirements of foreign market consumers as a result of the full utilization of production facilities of the national economy and its separate industries.

It should be noted that at present, oil and gas account for the main share in export, although 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 in foreign markets further developed share of non-oil products in the structure of country’s exports.

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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888

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