Azerbaijan's spending on imports from Italy up

Business Materials 18 February 2021 13:37 (UTC +04:00)
Azerbaijan's spending on imports from Italy up

BAKU, Azerbaijan, Feb. 18

By Fidan Babayeva - Trend:

Azerbaijan's expenses on imports from Italy grew by 7.3 percent in 2020, compared to 2019, Trend reports citing the statistical bulletin of the State Customs Committee (SCC).

According to the bulletin, in the reporting year the import of Italian products by Azerbaijan increased from $369.9 million to $396.2 million, said the bulletin.

Meanwhile, the share of Italy in the total imports of Azerbaijan amounted to 3.69 percent of the total import, while a year earlier - 2.71 percent.

Besides, exports from Azerbaijan to Italy made up $4.17 billion, which is 25 percent less than in 2019.

The volume of foreign trade operations between Azerbaijan and Italy amounted to over $4.5 billion, an annual decrease of 24 percent.

Overall, the export-import ratio in the foreign trade relations between the two countries remained significantly biased towards the import of Italian products.

Thus, the balance of foreign trade of Azerbaijan with Italy for the reporting year remained positive, amounting to over $3.7 billion.

The country's foreign trade turnover in 2020 amounted to $24.2 billion (taking into account the statistics value of crude oil and natural gas exported by customs structures, but customs clearance of which has not been fully completed), including $13.4 billion in export and $10.7 billion in import. As a result, the trade surplus amounted to almost $2.7 billion.

Italy is one of the leaders in the import of oil from Azerbaijan. Italy also became the leader in the import of Azerbaijani hazelnuts in 2020.


Follow the author on Twitter: @Fidan_Babaeva