BAKU, Azerbaijan, Nov. 5
By Fidan Babayeva – Trend:
Azerbaijan exported goods worth $1.3 million to Saudi Arabia from January through September 2020, while a year earlier this figure was $930,000, Trend reports with reference to the statistical bulletin of the Azerbaijani State Customs Committee.
Azerbaijan increased the export volume to Saudi Arabia by 40 percent.
Thus, the share of Saudi Arabia in the total export volume of Azerbaijan amounted to 0.01 percent.
The export of products from Saudi Arabia to Azerbaijan increased from $8.09 million to $8.2 million from January through September 2020 on an annualized basis.
The share of Saudi Arabia in Azerbaijan's total import volume amounted to 0.1 percent of the total volume.
The volume of foreign trade operations between Azerbaijan and Saudi Arabia amounted to $9.5 million, which is five percent more compared to the same period of last year.
Thus, the balance of foreign trade turnover between Azerbaijan and Saudi Arabia for the reporting period remained negative, amounting to $6.8 million.
In general, Azerbaijan's foreign trade turnover amounted to $18.4 billion from January through September 2020, which is 27.1 percent less than in the same period of 2019.
The balance of foreign trade turnover on an annualized basis decreased by 38.6 percent but nevertheless remained positive, amounting to $2.7 billion.
More than 14 agreements on the further development of economic relations were signed between Azerbaijan and Saudi Arabia. The new agreements are planned to be signed in the political, economic, and cultural spheres.
Saudi Arabian companies are investing $370 million in Azerbaijan and currently, about 26 Saudi Arabian companies are conducting transactions between the two countries.
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