BAKU, Azerbaijan, Dec. 6
By Fidan Babayeva - Trend:
The import of products from the US to Azerbaijan on an annualized basis decreased by 17.6 percent and amounted to $567.5 million from January through October 2020, Trend reports with reference to the statistics bulletin of the Azerbaijani State Customs Committee.
The share of the US in Azerbaijan's total import volume amounted to 6.47 percent of the total volume compared to 6.01 percent in the same period of last year.
The export from Azerbaijan to the US amounted to $17.7 million from January through October 2020, while a year earlier this figure was $19.03 million.
The share of the US in Azerbaijan's total export volume amounted to 0.14 percent.
The volume of foreign trade operations between Azerbaijan and the US amounted to $585 million.
Thus, the balance of foreign trade between Azerbaijan and the US remained negative for the reporting period, amounting to $540 million.
Azerbaijan's foreign trade turnover amounted to more than $21 billion from January through October 2020, which is 25.7 percent less than in the same period of 2019.
The US and Azerbaijan have bilateral agreements on trade and investment. The US companies are involved in oil production in Azerbaijan and are also exploring new investment opportunities in telecommunications and other fields.
Azerbaijan was chosen as a beneficiary country in the Generalized System of Preferences.
Azerbaijan will export some products to the US on duty-free basis as part of this program.
(1 USD = 1.7 AZN on Dec. 6)
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