Azerbaijan-Iran trade turnover down

3 August 2020 10:36 (UTC+04:00)

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The foreign trade operations between Azerbaijan and Iran amounted to $129.3 million, which is 43.5 percent less compared to the same period in 2019, Trend reports referring to the statistical bulletin of the State Customs Committee (SCC) of Azerbaijan.

The export of Azerbaijani products to Iran amounted to $13 million in the first five months of 2020, while a year earlier this indicator was $20.7 million. Thus, import of Azerbaijani products to Iran declined by 37.2 percent year on year, and Iran's share in total exports of Azerbaijan decreased from 0.24 percent to 0.19 percent, according to the committee.

From January through May 2020, the volume of imports of Iranian products to Azerbaijan dropped by 43.4 percent to $116.3 million year on year. The share of Iran in the total volume of Azerbaijan’s import also dropped by 1.9 percent to 2.79 percent of the total volume.

In the first five months of 2019, foreign trade relations were marked by a wide margin towards imports (92.8 percent against 7.2 percent respectively), while in the same period of this year the ratio of import to export made up 89.9 percent to 10.1 percent. The share of Azerbaijani products export to Iran in the total trade between the two countries dropped by 2.9 percent.

The balance of foreign trade between Azerbaijan and Iran for the reporting period was negative and amounted to $103.2 million.

In total, the foreign trade turnover of Azerbaijan amounted to $11.1 billion in the reporting period, having shown a 22.9-percent drop over the year. The balance of foreign trade turnover increased by 0.9 percent on an annualized basis and remained positive, having surpassed $2.8 billion.

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