By Ayya Lmahamad
Italy remained Azerbaijan’s main trading partner between January and October 2020, the State Customs Committee has reported.
The trade between Azerbaijan and Italy amounted to $4.2 billion out of total country's turnover of $17.8 billion during the reported period. Of total turnover, export from Azerbaijan to Italy amounted to $3.8 billion, while import from Italy to the country amounted to $341 million.
Turkey was Azerbaijan's second-largest trading partner, with trade turnover of $3.5 billion during the first ten months of the year. Export of Azerbaijani products to Turkey amounted to $3.8 billion, while the import from Turkey amounted to $1.2 billion.
Moreover, Russia was Azerbaijan's third-largest trade partner, as well as the first largest trade partner among CIS countries, with a trade turnover of $2.1 billion. Export to Russia amounted to $565.5 million, while import to $1.6 billion.
During the reported period, Azerbaijan's top five trading partners were Italy, Turkey, Russia, China with trade of $1.5 billion and Germany with $697.7 million.
Furthermore, the country's top five trading partners in terms of Azerbaijan's export during the reported period were Italy, Turkey, Russia, Croatia with $448.8 million and Greece with $432.5 million.
In the meantime, Azerbaijan's top five trading partners in terms of import during the first ten months of the year were Russia, Turkey, China with $1.4 billion, the U.S. with $567.5 million and Germany with $468.1 million.
Italy was Azerbaijan’s top trade partner in 2019 as well with the mutual trade 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 $17.8 billion during the period of January-September 2020. The value of export amounted to $10 billion or 56.1 percent of the total turnover, while the value of import amounted to $7.8 billion or 43.9 percent. Thus, foreign trade turnover resulted in surplus of $2.1 billion.
Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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