BAKU, Azerbaijan, Jan. 25
By Zeyni Jafarov - Trend:
As of 2020, Azerbaijan's trade balance decreased by 12.5 percentage points compared to 2019 and amounted to 5.3 percent of GDP, Trend reports with reference to the reporting data of the Standard & Poor's (S&P) international rating agency.
Despite this reduction, the trade balance will remain in surplus.
This figure will increase by 4.3 percentage points and reach 9.6 percent in GDP in 2021. The trade balance of Azerbaijan will continue to remain in surplus of 11.6 percent, 13.6 percent and 13.5 percent of GDP in 2022, 2023 and 2024.
In accordance with S&P statistics, it is clear that Azerbaijan's trade balance will not return to the pre-pandemic levels before 2025, despite the fact that it will remain in surplus.
Azerbaijan's foreign trade turnover in 2020 amounted to $24.5 billion, and the trade turnover balance on an annualized basis decreased by 49.5 percent, but nevertheless remained positive, amounting to $3.01 billion.
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