CIS countries' import of Azerbaijani products grows
BAKU, Azerbaijan, Sept. 21
Bu Fidan Babayeva – Trend:
Azerbaijan increased export of its products to member countries of the Commonwealth of Independent States (CIS) from January through August 2020, Trend reports referring to the statistical bulletin of the Azerbaijani State Customs Committee.
According to the committee, the value of export of Azerbaijani products to CIS countries made up $809 million in the past 8 months of 2020 against $797 million for the same period of last year. Thus, the countries raised the import of products from Azerbaijan by 10.4 percent year on year. The countries’ share in the total export of Azerbaijan grew from 5.9 to 8.91 percent.
Meanwhile, the import of products from CIS countries by Azerbaijan declined from $2.1 billion to $1.7 billion years on year. The share of CIS countries in the total imports of Azerbaijan made up 26.1 percent against 22.47 percent in the same period of 2019.
From January through August 2020, the volume of foreign trade operations of Azerbaijan and CIS countries slightly crossed $2.6 billion, showing a 9.6-percent decrease over the year.
The export-import ratio in the foreign trade relations between Azerbaijan and the countries was marked by a slight shift towards export – 33 and 67 percent, respectively, against 27 and 73 percent, accordingly for the first eight months of last year.
Thus, the foreign trade balance of the two countries for the reporting period remained negative for Azerbaijan and made up $866 million.
As for oil products, Russia remains the main market for the products and also agricultural goods among the CIS countries, to which they are supplied.
From January through August 2020, Azerbaijan's foreign trade turnover was over $16.5 billion, which is 27.6 percent less than in the same period of 2019.
The balance of foreign trade turnover decreased by 22.9 percent on an annualized basis, and remained positive, amounting to $3.1 billion.