Azerbaijan, Russia seek to reach new record level of trade turnover

Business Materials 28 September 2011 19:19

Azerbaijan, Baku, Sept.28 / Trend, E. Ismayilov /

In 2011, Azerbaijan and Russia will reach a record high at $2.8-$3 billion on trade turnover, Russia's Trade Representative in Azerbaijan Yuri Shedrin told journalists in Baku on Wednesday.

"A $2.4-billion record high of trade turnover between Azerbaijan and Russia was reached in 2008," Shedrin said.

He said it will be possible to reach a new record level given the abolition of grain exports embargo by Russia from July 1, 2011, as well as the growing volumes of natural gas imports from Azerbaijan.

"Preserving a leading position among exporting countries in Azerbaijan, Russia increased its share in Azerbaijan's total imports from 17.4 percent in 2010 to 18.5 percent in January-August 2011, but excluding oil and oil products it consolidated its position as a major importer of products from Azerbaijan," Shedrin said.

According to the Azerbaijani State Customs Committee, in January-August, trade turnover between the two countries amounted to $1.92 billion increasing by 62.9 percent over the same period of 2010.

The exports to Russia increased by 72.7 percent, amounting to $832.3 million, while imports from Russia increased by 56.1 percent to $1.085 billion.

Red ink in foreign trade turnover hit $253.1 million.

He said the structure of bilateral trade and economic relations remains sufficiently differentiated - about 90 percent of the Russian exports are deep processing products, which makes it less dependent on conjuncture of world market of hydrocarbons and other raw materials.

Main products of Russia's exports are food, machinery, equipment and vehicles, timber and paper products, chemical products, power, ferrous and nonferrous metals, as well as metal-roll.