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Trade turnover with Turkey hits $2.5bn in Jan-July

27 August 2020 16:08 (UTC+04:00)
Trade turnover with Turkey hits $2.5bn in Jan-July

By Ayya Lmahamad

Azerbaijan increased the volume of trade turnover with neighbouring Turkey in 2020 despite pandemic.

The trade turnover with Turkey amounted to $2.5 billion in January-July 2020, compared to $2.3 billion in the same period in 2019, local media reported on August 27, with reference to the State Customs Committee.

Turkey was Azerbaijan’s second trade partner in the reporting period, followed by Italy with $3.17 billion trade turnover.

Turkey was the leader among Azerbiajan’s trade partners among the Organization of Islamic Cooperation (OIC) countries in 2020.

It should be noted that Azerbaijan and Turkey signed the Preferential Trade Agreement on February 25 to bring their trade volume to $15bn.

The trade turnover with Azerbaijan’s southern neighbour Iran dropped to $179.2 in the reporting period, while the turnover with another OIC country Tunisia increased, reaching $174.9 million.

Moreover, Azerbaijan increased by $60.8 million the volume of exports to CIS countries in the reporting period, exporting goods worth $809.8 million to those countries.

Moreover, Azerbaijan imported goods worth $1.5 billion from CIS countries during the reporting period. Russia was the leader among Azerbaijan’s trade partners among the CIS countries as well as the country’s third largest trade partner with the volume of trade turnover between the two countries reaching $1.5 billion.

The country also increased the volume of trade turnover with Ecuador, amounting to $24.8 million in the first seven months of 2020. Spain, Mexico and Ecuador were the top three countries with which Azerbaijan conducted the most trade transactions from among Spanish-speaking countries.

The volume of Azerbaijan’s foreign trade turnover amounted to $15 billion in the period between January and July 2020. Italy was Azerbaijan’s trade partner in the reporting period with $3.17 billion trade turnover.

During the reporting period, export amounted to $9.1 billion, which is 61.46 percent of the total volume of foreign trade. Meanwhile, imports amounted to $5.9 billion, which is 38.54 percent from the total volume of foreign trade.

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