By Ayya Lmahamad
Azerbaijan is Italy's largest trade partner in the South Caucasus region.
Azerbaijan increased oil export to Italy by 5.2 percent in the first half of 2020, local media reported on August 26.
According to the report, during the reporting period Azerbaijan exported 5.9 million tons of oil, worth $2.4 billion, to Italy.
Moreover, Italy accounted for 38.8 percent of Azerbaijan’s oil exports in January-June 2020.
The number of large buyers of Azerbaijani oil in the reporting period also included China with 1.3 million tons worth $217.9 million, Croatia with 852,657 tons worth $242.9 million, Israel with 809,101 tons worth $324.7 million, India with 773,700 tons worth $282.9 million, Ukraine with 764,528 tons worth $202.1 million, Greece with 609,361 tons worth $233.2 million and Vietnam with 518,7 tons worth $132.7 million.
Italy is one of Azerbaijan’s main trade partner 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 two countries.
Last year, Azerbaijan was the largest supplier of crude oil to Italy. Azerbaijan accounts for 17 percent of crude oil consumption in Italy. The mutual trade turnover amounted to $7 billion in 2019.
It should be noted that the volume of Azerbaijan’s foreign trade turnover amounted to $15 billion in the period between January and July 2020.
During the reporting period, export amounted to $9.1 billion, which is 61.46 percent of the total volume of foreign trade. Exports volume amounted to $1.2 billion for European countries, $1.5 billion for CIS countries, and $3.1 billion for other countries. Top five countries in terms of export during the reporting period were Italy with $1.8 billion, Turkey with $351 million, Israel with $254 million, Greece with $188 million, and India with $170 million.
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