BAKU, Azerbaijan, Oct. 13
By Fidan Babayeva - Trend:
The volume of imports from South Korea to Azerbaijan amounted to $117.3 million from January through August 2020 compared to the same period of 2020, Trend reports citing the statistical bulletin of the State Customs Committee (SCC) of Azerbaijan.
According to SCC’s bulletin, the imports from South Korea to Azerbaijan in the reporting period increased by 14 percent over the year. In the same period of 2019, this figure was $102.8 million.
“At the same time, the share of South Korea in the total export of Azerbaijan increased from 1.1 to 1.75 percent. The value of export of Azerbaijani products to South Korea decreased from $110,810 to $56,310 over the year,” said the report.
In the first eight months of 2020, the volume of foreign trade operations between Azerbaijan and South Korea made up $117.3 million, declining by 14 percent year on year.
Thus, the balance of foreign trade turnover of the two countries for the reporting period remained negative, equaling $117.2 million.
In 2019, Azerbaijan invested about $500 million in the Korean economy. The State Oil Fund of Azerbaijan (SOFAZ) invested (investments - ADIF) in the purchase of the real estate in Korea. About 70 companies with Korean capital were registered in Azerbaijan.
In 2014, SOFAZ acquired the ‘Pine Avenue Tower A’ office complex in Seoul (South Korea’s capital) for $447 million. The ‘Pine Avenue Tower A’ is located in the center of Seoul and is the property of class A. In addition, part of SOFAZ invested in the purchase of South Korean won (currency).
From January through August 2020, the foreign trade turnover of Azerbaijan amounted to $16.5 billion, which is 27.6 percent less compared to the same period of 2019.
The balance of foreign trade turnover dropped by 22.9 percent over the year, but remained positive, making up $3.18 billion.
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