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TOP-5 trade partners of Azerbaijan in 2020

Business Materials 19 January 2021 17:49
TOP-5 trade partners of Azerbaijan in 2020

BAKU, Azerbaijan, Jan.19

By Fidan Babayeva – Trend:

The value of Azerbaijan’s trade turnover with its five major partners in 2020 made up over $14 billion, which is 57.2 percent of the country’s total trade turnover, Trend reports on Jan.19 referring to a report of the Azerbaijani State Customs Committee.

Italy has remained the biggest trade partner of Azerbaijan (trade between them amounted to over $4.5 billion with a specific share of 18.7 percent). It's followed by Turkey, trade with which was $4.1 billion, and the specific share made up 17 percent.

Russia ranked third; trade with this country reached $2.6 billion (10.9 percent).

The trade with China made up over $1.8 billion (7.5 percent) and with Germany – nearly $817.6 million (3.34 percent).

Comparative table of TOP-5 trade partners of Azerbaijan:

2020

2019

Countries

Trade turnover

Specific share

(in percent)

Countries

Trade turnover

Specific share

(in percent)

Italy

$4.56 billion

18.67

Italy

$6 billion

18.04

Turkey

$4.16 billion

17

Turkey

$4.5 billion

13.54

Russia

$2.67 billion

10.92

Russia

$3 billion

9.07

China

$1.8 billion

7.55

China

$2.18 billion

6.56

Germany

$817.58 million

3.34

Germany

$1.6 billion

4.93

In the reporting year, Azerbaijan bought most of the products worth more than $1.9 billion (share of the total import – 18.29 percent) from Russia. It is followed by Turkey - $1.5 billion (14.57 percent), China - $1.4 billion (13.18 percent), the US - $635.9 million (5.9 percent) and Germany - $583 million (5.4 percent).

Meanwhile, Italy was again the main importer of Azerbaijani products. Over $4.1 billion (30.36 percent) of Azerbaijan’s total export accounted for Italy. It is followed by Turkey – $3 billion (18.9 percent), Russia - $709.4 million (5.16 percent), Greece – $523.3 million (3.81 percent), and Croatia – nearly $470 million (3.4 percent).

Azerbaijan’s total foreign trade turnover in 2020 made up over $24.4 billion, dropping by 26.5 percent compared to the previous year.

In the structure of foreign trade turnover, exports accounted for $13.7 billion, which amounted to a 30 percent decrease on an annualized basis. The share of exports for the year decreased by 2.81 percentage points, to 56.15 percent of the total foreign trade turnover.

Imports to Azerbaijan in 2020 made up over $10.7 billion, having decreased by 21.5 percent compared to 2019. The share of imports in the total turnover increased by 2.81 percentage points, up to 43.85 percent of the total volume.

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Follow the author on Twitter: @ Fidan_Babaeva

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