Azerbaijan increases import of Austrian products

3 August 2020 11:12 (UTC+04:00)

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The volume of imports of Austrian products to Azerbaijan increased by 23 percent from $23.9 million to $29.4 million in the first five months of 2020, compared to the same period of 2019, Trend reports citing the statistical bulletin of the State Customs Committee (SCC) of Azerbaijan.

The share of Austria in the total volume of Azerbaijan’s import also increased from 0.41 percent to 0.71 percent of the total volume, said the bulletin.

From January through May 2020, foreign trade operations between Azerbaijan and Austria amounted to $151.6 million, which is 19.2 percent less compared to the same period of 2019.

The export of Azerbaijani products to Austria in the reporting period amounted to $86.1 million, while a year earlier this indicator was equal to $117.4 million.

"In the mentioned period, Austria purchased products from Azerbaijan by 36.4 percent less than in the same period of the previous year. Austria's share in total exports of Azerbaijan also decreased from 1.36 to 1.24 percent of the total volume," noted the report.

In total, the ratio of export-import operations in foreign trade relations between the two countries in the reporting period shifted towards export.

In the first five months of 2019, foreign trade relations were marked by a wide margin towards exports, and the ratio of export to import amounted to 75 and 25 percent respectively, the report added.

The balance of foreign trade between the two countries for the reporting period was positive and amounted to $56.6 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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