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Lithuania's participation in Azerbaijan’s total export volume increases

Business Materials 30 August 2020 21:41 (UTC +04:00)
Lithuania's participation in Azerbaijan’s total export volume increases

BAKU, Azerbaijan, Aug. 30

By Nargiz Ismayilova - Trend:

The foreign trade operations between Azerbaijan and Lithuania reached $11.5 million from January through July 2020, which is 38.5 percent more than in the same period of last year, Trend reports citing the statistics bulletin of the Azerbaijani State Customs Committee.

The export of Azerbaijani products to Lithuania in the first seven months of this year amounted to $1.7 million, while a year earlier this figure was $1.007 million, the ministry said.

Thus, Lithuania increased the import of products from Azerbaijan by 1.68 times on an annualized basis while the share of Lithuania in the total export volume of Azerbaijan increased from 0.01 percent to 0.02 percent.

At the same time, the import of Lithuanian products to Azerbaijan on an annualized basis increased from $8.2 million to $9.8 million.

The share of Lithuania in the total import volume of Azerbaijan increased from 0.10 percent to 0.17 percent of the total volume.

The export-import ratio in the foreign trade relations of the two countries from January through July is characterized by the further shift towards the import of products from Azerbaijan.

So, the ratio of export and import reached 12.1 percent and 87.9 percent from January through July 2019 while from January through July 2020 – 14.8 percent and 85.2 percent, respectively.

The share of export of Azerbaijani products to Lithuania in the total trade turnover of the two countries increased by 2.7 percentage points.

Thus, the balance of foreign trade turnover between Azerbaijan and Lithuania remained negative during the reporting period and amounted to $8.1 million.

In general, Azerbaijan's foreign trade turnover amounted to $15.03 billion from January through July 2020, which is 1.4 times less than in 2019.

The balance of foreign trade turnover on an annualized basis decreased by 1.1 times and remained positive, amounting to $3.2 billion.

(1 USD = 1.7 AZN on Aug. 30)

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