Trade turnover with Georgia increases

19 April 2019 20:54 (UTC+04:00)

By Leman Mammadova

Trade turnover between Azerbaijan and Georgia amounted to $272.5 million in the first quarter of 2019.

The share of Azerbaijan in the total trade of Georgia made up 9.7 percent, Azertac informed citing the National Statistics Office of Georgia. Thus, Azerbaijan became the third largest trade partner of the neighboring country after Turkey and Russia.

In the three months, Georgia exported goods worth $84.9 million to Azerbaijan, which is a 11.1-percent growth compared to the last year. Azerbaijan became second largest partner of the neighboring country after Russia in terms of exports, holding a 10.3-percent share in Georgia's total exports.

Meanwhile, Georgia’s imports from Azerbaijan grew by 1 percent to $187.6 million. The share of Azerbaijan in the total imports of the neighboring country made up 9.5 percent. In the reporting period, Azerbaijan became the 4th major importer of Georgia after Turkey, China and Russia.

Azerbaijan and Georgia maintain high-level relations in all spheres, especially in the economic field. The two countries have long taken joint initiatives for global projects in the region. Close bilateral ties play a key role in the development of regional cooperation.

 

The total trade turnover between Georgia and Azerbaijan amounted to $1.1 billion in 2018. The share of Azerbaijan in the total trade turnover of the neighbouring country made 8.7 percent. Azerbaijan became the third largest trading partner of Georgia after Turkey and Russia last year.

Georgian exports to Azerbaijan amounted to $502.7 million, while Azerbaijan exported goods worth $586 million to Georgia.

Georgian exports to Azerbaijan mainly include cement, locomotives and other railway vehicles, mineral and chemical fertilizers, mineral waters, strong drinks, glass and glassware, pharmaceuticals, etc. Azerbaijan mainly exports oil and oil products, natural gas, electricity, plastic, cement, anhydrite and gypsum binders to Georgia.

In 1995-2018, Georgia invested $93.8 million in the Azerbaijani economy, while Azerbaijan invested $3 billion in Georgia. Since 2012, Azerbaijan has been holding the first place in terms of investments in Georgia. Currently, more than 300 Georgian companies are registered in Azerbaijan, while some 650 Azerbaijani companies operate in Georgia.

It is noteworthy that Azerbaijan was named the number one investor in Georgia in 2018. Last year, Azerbaijan invested $240 million in Georgia's economy. Azerbaijan's share in direct investments in the economy of the neighboring country was 19.5 percent. Although it is 1.9 times less than in 2017, Azerbaijan maintained its leadership.

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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888

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