Azerbaijan, Baku, Dec.28 / Trend, A.Akhundov /
In the first 11 months of 2010, Turkey's exports to Azerbaijan increased by 10.9 percent and amounted to $1.4 billion, the Turkish Exporters' Council (TIM) wrote Trend in an e-mail.
"Given current growth rates, as of late 2011, we expect Turkey's exports to Azerbaijan at the level of $1.7 billion," TIM said.
In 2005 Turkey's exports to Azerbaijan amounted to $538 million, in 2010 exports grew by 160 percent, reaching $1.4 billion. During this period, the major increase was observed in the export of flowers (3292 percent), precious metals (2366 percent), fresh fruits and vegetables (486 percent), tobacco (420 percent).
"Such high growth rates are due to the fact that earlier export of these products was very limited," TIM said.
Imports from Azerbaijan grow even more rapidly than exports to Azerbaijan, the Turkish Exporters Council said.
"The growth of imports from Azerbaijan will continue to increase and grow thanks to imports in the energy sector," TIM said.
According to the TIM, the Azerbaijani market is one of the highest priorities for Turkey.
"We want to ensure Turkey's foreign trade to be mutual and balanced, and we are carrying out activity which is profitable for both the Azerbaijani and Turkish companies," TIM said.
Turkish Exporters Council comprises 61 union of exporters on regions and sectors of the Turkish exports.