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Azerbaijan, Germany trade turnover hits $420m in 1H2020

24 August 2020 13:33 (UTC+04:00)
Azerbaijan, Germany trade turnover hits $420m in 1H2020

By Ayya Lmahamad

Azerbaijan and Germany foreign trade operations amounted to $420.2 million during the period of January-July in 20, according to the statistical bulletin of the State Customs Committee of August 23.

According to the report, the volume of foreign trade operations between two countries decreased by 2.4 times compared to the same period last year.

Moreover, Azerbaijan’s goods export to Germany amounted to $116.5 million during the first seven months of the year. It should be noted that foreign trade operations amounted to $600.8 million during the same period last year.

Thus, Germany has purchased 5.1 times less products from Azerbaijan in 2020, compared to the same period of 2019. In addition, Germany’s share in Azerbaijan’s total exports decreased from 4.9 to 1.2 percent of the total volume.

Furthermore, Germany’s goods import to Azerbaijan amounted to $303.7 million, while in 2019 it amounted to $406.1 million. Thus, import of German goods to Azerbaijan decreased by almost 33.7 percent.

Meanwhile, Germany’s share in Azerbaijan’s total imports increased from 4.82 to 5.15 percent of the total volume.

Additionally, export/import ratio during the period of January-July 2020 was 28 and 72 percent, respectively.

It should be noted that, during the same period in 2019, export/import ration was 60 and 40 percent, respectively.

Thus, in 2020 export/import ration of the two countries shifted towards the prevailing import.

Azerbaijan’s foreign trade turnover amounted to $15 billion in the period of January-July 2020. During the reporting period, export amounted to $9.1 billion, which is 61.46 percent from the total volume of foreign trade. Imports amounted to $5.9 billion, which is 38.54 percent from the total volume of foreign trade.

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