Italy remains Azerbaijan's main trading partner in 2020
By Ayya Lmahamad
Italy remained Azerbaijan’s main trading partner in the period between January and September 2020, the State Customs Committee has reported.
The trade turnover with Italy accounted for $3.4 billion out of Azerbaijan’s overall trade turnover of $18.4 billion in the first nine months of the year. From total trade turnover between the two countries, export amounted to $3.1 billion, while import amounted to $303.4 million.
Turkey was Azerbaijan's second-largest trade partner during the reporting period, with a trade turnover amounting to $3.2 billion. Export of Azerbaijani products to Turkey amounted to $2.1 billion, while the import from Turkey amounted to $1.1 billion.
Furthermore, Russia was Azerbaijan's third-largest trade partner, as well as the first largest trade partner among CIS countries, with a trade turnover of $1.9 billion. Export to Russia amounted to $499.7 million, while import to $1.4 billion.
Thus, Azerbaijan's top five trading partners are Italy, Turkey, Russia, China with $1.4 billion and Germany with $626.8 million, during the reporting period.
Moreover, the top five trading partners in terms of export during the reporting period were Italy, Turkey, Russia, Greece with $428.7 million and China with $420.1 million. In the meantime, the top five trading partners in terms of import were Russia, Turkey, China with $1 billion, U.S. with $525.8 million and Germany with $414.9 million.
Italy was Azerbaijan’s top trade partner in 2019 as well with the mutual trade turnover amounting to $7 billion and Azerbaijan was the largest supplier of crude oil to Italy. Thus, 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 the two countries.
The volume of Azerbaijan’s foreign trade turnover amounted to $18.4 billion during the period of January-September 2020. The value of export amounted to $10.5 billion or 57.49 percent of the total turnover, while the value of import amounted to $7.8 billion or 42.51 percent. Thus, foreign trade turnover resulted in surplus of $2.7 billion.
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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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