BAKU, Azerbaijan, Sept. 12
By Fidan Babayeva - Trend:
The import of Italian products to Azerbaijan from January through July 2020 increased by 14.4 percent compared to the same period of 2019, Trend reports citing the statistics bulletin of the Azerbaijani State Customs Committee.
In accordance with the data, import of Italian products to Azerbaijan increased on an annual basis from $215.5 million to $246.7 million.
The share of Italy in the total import of Azerbaijan increased from 2.56 percent to 4.18 percent of the total volume.
Thus, Italy purchased the products from Azerbaijan, which is $764 million less than in the same period of 2019. The share of Italy in the total export of Azerbaijan also increased from 30.14 percent to 32.12 percent of the total volume.
The export of Azerbaijani products to Italy from January through July 2020 amounted to $2.93 billion, which is 26 percent less than in the same period of last year.
The volume of foreign trade operations between Azerbaijan and Italy amounted to $3.2 billion from January through July 2020, which is 23 percent less than in the same period of last year.
In general, the import of the Italian products still prevailed in the export-import ratio in the foreign trade relations of the two countries.
So, the import of goods prevailed in the export-import ratio between the two countries - 94 percent and 6 percent from January through July 2019, respectively, while from January through July 2020 reached 92 percent and 8 percent, respectively.
Thus, the foreign trade balance of the two countries for the reporting period remained positive for Azerbaijan and amounted to $3.5 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 the same period of 2019.
The balance of foreign trade turnover on an annualized basis decreased by 1.1 times and while remaining positive, amounted to $3.2 billion.
Italy is one of the leading buyers of oil from Azerbaijan. Italy also became the leader in the import of Azerbaijani hazelnuts in 2020.
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