BAKU, Azerbaijan, June 25
By Fidan Babayeva – Trend:
The share of Germany in Azerbaijan’s total exports over the first 5 months of 2020 grew from 4.8 to 5.3 percent, Trend reports on June 25 referring to the statistical bulletin of the country’s State Customs Committee.
The value of foreign trade operations between Azerbaijan and Germany from January through May 2020 made up $336.3 million, which is 2.1 times more than in the same period of last year.
Meanwhile, the export of Azerbaijani products to Germany stood at $114.6 million against $474.3 million in the first 5 months of 2019. Thus, volume of Azerbaijani products purchased by Germany decreased by 4.1 times. Share of Germany in Azerbaijan’s total exports decreased from 5.5 to 1.6 percent.
Imports of German products to Azerbaijan went down by 27 percent, declining year on year from $282.9 million to $221.6 million.
The overall ratio of export-import in foreign trade relations between the two countries shifted towards imports from January through May.
If during the same period in 2019, exports prevailed over imports in the foreign trade relations – 62 against 38 percent, then in 2020, the ratio of exports and imports changed to 35 and 65 percent, respectively.
Thus, the balance of foreign trade turnover between the two countries over the reporting period became negative (-$106.9 million).
In total, from January through May 2020, the foreign trade turnover of Azerbaijan amounted to $11.1 billion, which is 22.9 percent less than the same indicator in 2019. The balance of foreign trade turnover on an annualized basis increased by 0.9 percent and remained positive, amounting to $2.8 billion.
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