BAKU, Azerbaijan, Dec. 15
By Fidan Babayeva - Trend:
The volume of imports from South Korea to Azerbaijan amounted to $146.8 million from January through October 2020 compared to $132.5 million a year earlier, Trend reports with reference to the statistical bulletin of the Azerbaijani State Customs Committee.
"The growth of import compared to the same period of last year amounted to 10 percent,” the statistics bulletin says. “The share of South Korea in the total export of Azerbaijan increased from 1.67 percent to 1.16 percent."
The export of Azerbaijani products to South Korea on an annualized basis decreased from $137,000 to $56,310.
The volume of foreign trade operations between Azerbaijan and South Korea amounted to $146 million from January through October 2020.
Thus, the balance of foreign trade turnover between Azerbaijan and South Korea remained negative over the reporting period, amounting to $146.7 million.
As of 2019, Azerbaijan invested about $0.5 billion in the Korean economy. The State Oil Fund of Azerbaijan has invested in the purchase of a real estate in Korea. About 70 companies with Korean capital have been registered in Azerbaijan.
The State Oil Fund of Azerbaijan acquired the Pine Avenue Tower A office complex in Seoul, South Korea in 2014 at $447 million. The "Pine Avenue Tower A" complex is located in the center of Seoul and belongs to the A-class property. Moreover, part of the assets of SOFAZ was invested in the purchase of South Korean won.
(1 USD = 1.7 manat on Dec.15)
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