Azernews.Az

By Rasana Gasimova

Turkey ranks second among foreign trade partners of Azerbaijan.

Exports from Istanbul and Ankara to Azerbaijan amounted to $630,854 million over the period of January-August 2019, Turkish Exporters' Assembly (TIM) told Trend.

According to TIM, exports from Ankara to Azerbaijan increased by 16,91 percent in January-August 2019 to reach $88,849 million, compared to the same period in 2018.

“Exports from Istanbul to Azerbaijan increased by 8,88 percent in January-August 2019 to reach $542,005 million, against the same period in 2018,” TIM reported.

TIM noted that exports from Ankara to Azerbaijan decreased by 18,78 percent in August 2019 compared to August 2018 to reach $7,760 million.

“Exports from Istanbul to Azerbaijan increased by 46,47 percent in August 2019 compared to August 2018 to reach $89,990 million,” said TIM.

Note that, Turkish exports to Azerbaijan increased by 23.68 percent in August 2019 compared to August 2018 and amounted to $138.2 million.

In 2018, turnover between the two countries amounted to $3.4 billion, and to $2.3 billion in the first seven months of 2019.

The preferential trade agreement to be signed by the two countries by late 2019 will also contribute to economic cooperation, providing for the introduction of a zero rate of customs duty on mutual deliveries of goods between Turkey and Azerbaijan.

Turkey also intends to increase mutual trade turnover with Azerbaijan to $15 billion by 2023.

In October 2017, Turkey exempted goods supplied from the Nakhchivan Autonomous Republic of Azerbaijan from duties. In total, the list includes 43 types of products (13 agricultural, 30 industrial goods).

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