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Trade turnover between Azerbaijan, Russia sees growth in 2020

19 March 2020 12:20 (UTC+04:00)
Trade turnover between Azerbaijan, Russia sees growth in 2020

By Ofeliya Afandiyeva

Azerbaijan accounts for 50 percent of Russia’s trade with the South Caucasus region.

The volume of trade turnover between Azerbaijan and Russia increased by 1.9 percent year-on-year in January-February to reach $347.123 million, local media reported citing the State Statistics Committee.

The share of trade with Russia accounted for 6.89 percent of Azerbaijan’s total foreign trade turnover in the reported period.

In the reporting period, the volume of export of Azerbaijani products to the Russia amounted to $91.525 million (an increase of 3.14 percent). In general, 2.82 percent of Azerbaijani exports accounted for deliveries to Russia.

Moreover, in January-February, Azerbaijan imported $255.597 million worth of goods (an increase of 1.51 percent) from Russia. Thus 14.3 percent of total imports to Azerbaijan accounted for supplies from Russia.

Based on the report of the State Customs Committee, the negative balance of Azerbaijan in export-import relations with the Russian Federation in January-February 2020 amounted to $164.072 million.

As it was reported earlier, the trade turnover between Azerbaijan and Russia increased by 18.5 percent in 2019 year-on-year to reach $3.022 billion, which is 18.5 percent more than in 2018.

Some 950 companies with Russian capital operate in Azerbaijan. So far, the value of investments by Russian companies in the country amounted to $4.9 billion, while Azerbaijani investments in Russia stood at $1.2 billion.

Russia imports from Azerbaijan mainly foodstuffs and agricultural raw materials worth, mineral products, textile and its products, and shoes as well.

Russia’s exports to Azerbaijan are mainly food products and agricultural raw materials, machinery, equipment and vehicles, metals and products from them, wood and pulp-paper products and chemical products and rubber.

It should be noted that a new border bridge across the Samur River (South-eastern part of Azerbaijan), which was inaugurated in December 2019, implies new contributions to the prospective trade between Azerbaijan and Russia.

Azerbaijan is one of the main economic partners of Russia among the CIS countries and Russia remains one of Azerbaijan’s main foreign trade partners. Interregional cooperation plays an important role in the development of Russian-Azerbaijani trade and economic relations and the increase in trade turnover. Moreover, Russia ranks first in terms of export of non-oil products from Azerbaijan.

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