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Trade balance between Azerbaijan and Turkey remains positive in 2020

Business Materials 18 January 2021 22:22
Trade balance between Azerbaijan and Turkey remains positive in 2020

BAKU, Azerbaijan, Jan. 18

By Zeyni Jafarov - Trend:

As of 2020, the export of Azerbaijani products to Turkey on an annual basis decreased from $2.9 billion to $2.6 billion, which is by 9.25 percent less than in 2019, Trend reports with reference to the statistics bulletin of the Azerbaijani State Customs Committee.

Turkey's share in the total export of Azerbaijan amounted to 18.91 percent of the total volume, increasing by 4.33 percentage points compared to 2019.

Import of the Turkish products to Azerbaijan in 2020 amounted to $1.6 billion, while a year earlier this figure was $1.6 billion (a decline of five percent). Turkey's share in Azerbaijan's total import volume increased from 12.05 percent to 14.57 percent.

The volume of foreign trade operations in 2020 between the two countries amounted to $4.2 billion, which is by 7.7 percent less than in 2019.

Thus, the balance of foreign trade turnover between Azerbaijan and Turkey remained positive over the reporting period, amounting to $1.03 billion.

In general, as of 2020, Azerbaijan's foreign trade turnover amounted to $24.5 billion. More than $13.7 billion or 56.15 percent accounted for export while the remaining $10.7 billion or 43.85 percent for import.

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