BAKU, Azerbaijan, Dec.10
By Fidan Babayeva - Trend:
Azerbaijan exported most of oil and gas volumes to Turkey over the past 5 years, Trend reports citing Amina Bayramova, analyst of the Center for Analysis of Economic Reforms and Communication (CAERC).
According to Bayramova, the export of Azerbaijan's oil and gas made up $2.5 billion and 88 percent of goods exports to Turkey in 2019.
"Share of the oil and gas sector in exports to Turkey has begun climbing since 2015 (56 percent in 2014, and 90 percent in 2015). Namely from this year the balance of imports and exports has become positive for Azerbaijan. In 2015, oil and gas exports from Azerbaijan to Turkey amounted to $1.3 billion, which was 4.7 times more than in 2014.
In the non-oil sector, the main categories of goods in 2019 were cotton (five percent, $129 million), plastics and polymers (two percent, $64 million), aluminum and products from it (two percent, $56 million).
Turkey's share in the total trade turnover of Azerbaijan has been steadily growing in recent years. So, in 2012-2014 this indicator was stable at six percent, and in 2015 grew to 12 percent.
This process has also been associated with a growth in oil and gas exports to Turkey since 2015. In 2019, 14 percent of Azerbaijan's total foreign trade turnover fell on Turkey, amounting to $4.5 billion.
Turkey's trade with Azerbaijan in October 2020 grew by over $87.2 million compared to the same period last year, exceeding $264.4 million.
The trade turnover between the two countries from January through October 2020 was by nearly $201.6 million more than in the same period of last year, amounting to $1.8 billion.
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