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Azerbaijan's January 2021 revenues from exports to US increase over fourfold

Business Materials 26 February 2021 17:21
Azerbaijan's January 2021 revenues from exports to US increase over fourfold

BAKU, Azerbaijan, Feb. 26

By Zeyni Jafarov - Trend:

Azerbaijan exported products worth over $3.5 million to the US in January 2021, while in January last year this figure was $824,500 (an increase of 4.3 times), Trend reports citing the statistical bulletin of the Azerbaijani State Customs Committee.

According to the bulletin, the share of the US in total export of Azerbaijan for the reporting month amounted to 0.22 percent compared to 0.04 percent in January 2020.

Meanwhile, the value of products imported by Azerbaijan from the US on an annualized basis grew by 51.9 percent and amounted to $44.9 million. The US share in Azerbaijan's total imports reached 5.7 percent of the total volume compared to 4.1 percent as of late January 2020.

The volume of foreign trade operations between the two countries surpassed $48.4 million, which shows a spike of 59.6 percent compared to January 2020.

At the same time, the balance of foreign trade turnover of Azerbaijan with the US remained negative, amounting to $41.3 million.

The US and Azerbaijan have bilateral trade and investment agreements. The US companies are involved in oil production in Azerbaijan and are also exploring new investment opportunities in telecommunications and other fields.

Azerbaijan has been named as a beneficiary country in the Generalized System of Preferences and a number of Azerbaijani products are supplied to the US upon the duty-free system in accordance with this program.

Overall, in January 2021, Azerbaijan's foreign trade turnover exceeded $2.4 billion. More than $1.6 billion of that amount or 67.34 percent accounted for export while the remaining $787.5 million or 32.66 percent for import.

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