Italy Azerbaijan’s largest trade partner in Jan-July
By Ayya Lmahamad
Italy was Azerbaijan's largest trade partner during the period of January-July 2021, with the trade turnover between the two countries amounting to $4.6 billion, the State Customs Committee has reported.
Of the total turnover, the export of Azerbaijani products to Italy amounted to $4.3 billion, while import from Italy was $261.5 million.
In addition, the trade turnover between the two countries amounted to $3.1 billion during the corresponding period of 2020. Thus, the trade turnover between the two countries increased by $1.4 billion.
It should be noted that last year Italy was Azerbaijan's main trade partner as well, with a trade turnover amounting to $4.5 billion.
Azerbaijan is one of Italy’s main energy resources suppliers. Over 100 Italian companies, operating in various fields, are registered in Azerbaijan. In addition, Italian companies have contracts worth over 10 billion euros ($11.8bn) for Azerbaijani projects both outside and inside the country.
Azerbaijan’s overall investment in Italy’s economy is estimated at 1.7 billion euros ($2bn), while Italy invested about 770 million euros ($910.8M) in Azerbaijan
Moreover, Azerbaijan accounts for more than 90 percent of Italy’s total trade with the South Caucasus countries. Azerbaijan is the main destination of Italian exports to the South Caucasus region, with a seven percent increase in 2020 as well.
Additionally, Italy was one of the first countries that voiced its support for Azerbaijan’s territorial integrity and later on interest in participation in restoration works carried out in Azerbaijan's liberated territories. Thus, Italy and Israel have already started the implementation of a joint project to turn the liberated Zangilan region into a smart city.
Azerbaijan’s overall trade turnover amounted to $17.6 billion during the first seven months of 2021. Of the total turnover, export amounted to $11.3 billion or 64.4 percent, while import was $6.2 billion or 35.6 percent, resulting in a surplus of $5 billion.
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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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