Azerbaijan-Russia trade turnover exceeds $2bn

17 October 2019 11:43 (UTC+04:00)

By Rasana Gasimova

Russia is among Azerbaijan’s main foreign trade partners and ranks first in terms of export of non-oil products from the country.

The trade turnover between Azerbaijan and Russia in January-September 2019 increased by 24.2 percent to reach $2 billion 104 million 562,180, compared to the same period of 2018, State Customs Committee told local media.

According to the Committee, trade operations with Russia accounted for 8.34 percent of the country’s total foreign trade turnover in the past nine months.

During the reporting period, the volume of Azerbaijani products exported to Russia amounted to $499 million 151,170. In general, exports to Russia accounted for 3.36 percent of Azerbaijan’s overall exports in January-September 2019.

Imports of Russian products to Azerbaijan amounted to $ 1 billion 605 million 411,010 (a 28.2 percent increase). The share of supplies from Russia accounted for 15.47 percent in the total volume of imports of goods to Azerbaijan.

Thus, in January-September 2019, Azerbaijan’s negative balance in export-import relations with Russia amounted to $ 1 billion 106 million 259,840.

Earlier, Azerbaijan’s Minister of Economy, Shahin Mustafayev said that the trade turnover with Russia could reach $3 billion by the end of 2019.

Note that 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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