Export of Azerbaijani products to Australia edges up
BAKU, Azerbaijan, July 30
By Fidan Babayeva - Trend:
The export of Azerbaijani products to Australia amounted to $57.5 million in the first five months of 2020, while a year earlier this indicator was $39.9 million, Trend reports referring to the statistical bulletin of the State Customs Committee (SCC) of Azerbaijan.
Over the reporting period, Australia's share in total exports of Azerbaijan increased by 0.37 percent, according to the committee.
Meanwhile, foreign trade operations between Azerbaijan and Australia amounted to $59.4 million, which is 4 times less compared to the same period in 2019.
From January through May 2020, the volume of imports of Australian products to Azerbaijan dropped from $203.2 million to $1.9 million year-on-year. The share of Australia in the total volume of Azerbaijan’s import also dropped from 3.48 percent to 0.05 percent of the total volume.
In total, the ratio of export-import operations in foreign trade relations between the two countries in the reporting period shifted towards export.
In the first five months of 2019, foreign trade relations were marked by a wide margin towards imports, (83 percent against 17 percent respectively), while in the same period of this year the ratio of export to import made up 97 percent to 3 percent.
The balance of foreign trade between the two countries for the reporting period was positive and amounted to almost $55.6 million.
In total, the foreign trade turnover of Azerbaijan amounted to $11.1 billion in the reporting period, having shown a 22.9-percent drop over the year. The balance of foreign trade turnover increased by 0.9 percent on an annualized basis and remained positive, having surpassed $2.8 billion.