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Azerbaijan-Ukraine foreign trade turnover becomes more balanced

Business Materials 25 June 2020 13:46 (UTC +04:00)
Azerbaijan-Ukraine foreign trade turnover becomes more balanced

BAKU, Azerbaijan, June 25

By Fidan Babayeva – Trend:

The foreign trade operations between Azerbaijan and Ukraine amounted to $388.3 million from January through May 2020, which is 12.4 percent more than in the same period of last year, Trend reports referring to the statistical bulletin of the Azerbaijani State Customs Committee.

In accordance with the data, the export of Azerbaijani products to Ukraine from January through May 2020 amounted to $207.5 million, while a year earlier - $132.4 million.

Thus, Ukraine purchased the products from Azerbaijan by 1.5 times more than in the same period of last year. Ukraine’s share in the total export volume of Azerbaijan also increased by about 1.5 percentage points, from 1.54 percent to 2.98 percent of the total volume.

The import of Ukrainian products to Azerbaijan increased by 0.9 percent, increasing year on year from $179.2 million to $180.9 million. The share in the total import volume of Azerbaijan also increased from 3.07 percent to 4.34 percent of the total volume.

In general, the ratio of export-import in foreign trade relations between the two countries from January through May 2020 has become more balanced and shifted towards export.

The foreign trade relations were more inclined towards import – 36 percent and 64 percent from January through May 2019, respectively, then the ratio of export to import from January through May 2020 amounted to 53 percent to 47 percent, respectively.

Thus, the balance of foreign trade turnover between the two countries during the reporting period was positive and amounted to $26.6 million.

In general, the foreign trade turnover of Azerbaijan amounted to $11.1 billion from January through May 2020, which is 22.9 percent less than in the same period of 2019.

The balance of foreign trade turnover on an annualized basis increased by 0.9 percent and remained positive, amounting to $2.8 billion.

(1 USD = 1.7 AZN on June 25)

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