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Romania's share in Azerbaijan's exports growing

Business Materials 1 July 2020 09:43
Romania's share in Azerbaijan's exports growing

BAKU, Azerbaijan, July 1

By Eldar Janashvili – Trend:

The value of foreign trade operations between Azerbaijan and Romania from January through May 2020 made up $70.4 million, which is 3.4 times more than in the same period of last year, Trend reports referring to the country’s State Customs Committee.

According to the committee, in the reporting period the export of Azerbaijani products to Romania stood at $48.3 million against $3.3 million in the first 5 months of 2019. Thus, Romania increased import of products from Azerbaijan by 15 times year on year, and Romania's share in Azerbaijan’s total exports also increased from 0.04 to 6.9 percent.

Meanwhile, imports of Romanian products to Azerbaijan grew by 28.9 percent to $22.1 million year on year. Romania's share in total imports of Azerbaijan also grew by 0.24 percent to 0.53 percent.

The overall ratio of export-import in foreign trade relations between the two countries was significantly inclined towards export of Romanian products to Azerbaijan from January through May.

So, if during the same period in 2019, imports prevailed over exports in the foreign trade relations – 83.8 percent against 16.2 percent, respectively, then in 2020 the ratio of imports and exports changed to 31.4 and 68.6 percent. The share of Azerbaijani products exports to Romania in the total trade turnover between the two countries rose by 52.4 percent.

Thus, the balance of foreign trade turnover between Azerbaijan and Romania over the reporting period was positive for Azerbaijan to make up $26.2 million.

In general, from January through May 2020, the foreign trade turnover of Azerbaijan amounted to $11.1 billion, which is 22.9 percent less than the same indicator in 2019. The balance of foreign trade turnover on an annual basis increased by 0.9 percent and remained positive, amounting to $2.8 billion.

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Follow the author on Twitter: @eldarjanashvili

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