Trade turnover with Russia sees growth

18 September 2019 14:00 (UTC+04:00)

By Leman Mammadova

Russia remains one of Azerbaijan’s main foreign trade partners and ranks first in terms of export of non-oil products from Azerbaijan.

Trade turnover between Azerbaijan and Russia amounted to $1.8 billion in January-August 2019. This is 23.8 percent more than in the same period of 2018, said State Customs Committee in a message.

The share of trade operations with Russia accounted for 7.98percent of the country’s total foreign trade turnover for the first eight months of 2019.

In the reporting period, the volume of export of Azerbaijani products to Russia increased by 11.11 percent reaching $457.7 million. The deliveries to Russia accounted for 3.39 percent of total exports for January-August 2019.

Meanwhile, imports from Russia increased by 28.7 percent and amounted to $1.4 billion in the reporting period. Some 14.61 percent of total imports to Azerbaijan accounted for deliveries from Russia.

Thus, the negative balance of Azerbaijan in trade operations with Russia amounted to $912.7 million in January-August 2019.

Azerbaijan is one of the main economic partners of Russia among the CIS countries. Interregional cooperation plays an important role in the development of Russian-Azerbaijani trade and economic relations and the increase in trade turnover.

Today, about 50 percent of Russia's trade in the South Caucasus region accounts for Azerbaijan. Russia is the leader in the import of Azerbaijan’s non-oil products. About 700 companies with Russian capital are operating in Azerbaijan.

So far, the value of investments by Russian companies in Azerbaijan amounted to $4.7 billion, and the Azerbaijani investments in Russia stood at $1.2 billion.

The trade turnover between Azerbaijan and Russia amounted to $2.55 billion in 2018, which is 19.1 percent more than in 2017, according to Azerbaijan’s State Statistics Committee. The share of trade operations with Russia in 2018 accounted for 8.25percent of the total foreign trade turnover of Azerbaijan.

Last year, Russia’s exports to Azerbaijan were mainly food products and agricultural raw materials ($422.1 million), machinery, equipment and vehicles ($381.6 million), metals and products from them ($315.9 million), wood and pulp-paper products ($238.1 million) as well as chemical products and rubber ($198 million).

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

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