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Italy Azerbaijan’s top trade partner in 2020

28 August 2020 14:21 (UTC+04:00)
Italy Azerbaijan’s top trade partner in 2020

By Ayya Lmahamad

Italy was Azerbaijan’s main trading partner in the period between January and July 2020, the State Customs Committee has reported.

The trade turnover with Italy accounted for $3.7 billion out of Azerbaijan’s overall trade turnover of $15 billion in the first seven months of the year.

According to the report, the volume of Azerbaijan’s trade turnover with Italy amounted to $3.1 billion. At the same time, amount of export to Italy amounted to $933.2 million.

Turkey was Azerbaijan’s second trade partner in 2020 with $2.5 billion-trade turnover followed by Russia with the trade turnover of $1.5 billion.

Italy was Azerbaijan’s top trade partner in 2019 as well with the mutual trade turnover amounting to $7 billion.

It should be noted that Italy is one of Azerbaijan’s main trade partners in the world and some 113 Italian companies, operating in various fields, are registered in Azerbaijan. Azerbaijan is one of Italy’s three main energy resources suppliers and the implementation of the Trans-Adriatic Gas Pipeline project will raise cooperation between two countries.

Last year, Azerbaijan was the largest supplier of crude oil to Italy accounting for 17 percent of crude oil consumption in Italy. Italy has so far invested $770 million in Azerbaijan’s economy, while Azerbaijan's investments in Italian economy amount to $1.7 billion.

The volume of Azerbaijan’s foreign trade turnover amounted to $15 billion in the period between January and July 2020. 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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