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Azerbaijan records growth in export of its products to Switzerland

Finance Materials 3 July 2020 18:12 (UTC +04:00)
The export of Azerbaijani products to Switzerland amounted to over $71.4 million in the first five months of 2020, which is 35 percent more compared to the same period in 2019
Azerbaijan records growth in export of its products to Switzerland

BAKU, Azerbaijan, July 3

By Fidan Babayeva - Trend:

The export of Azerbaijani products to Switzerland amounted to over $71.4 million in the first five months of 2020, which is 35 percent more compared to the same period in 2019, Trend reports on July 3 referring to the statistical bulletin of the State Customs Committee (SCC) of Azerbaijan.

Switzerland's share in total exports of Azerbaijan increased by 0.42 percent, according to the committee.

The foreign trade operations between Azerbaijan and Switzerland amounted to $109 million, which is 8 times less compared to the same period in 2019,

The import of Swiss products to Azerbaijan declined from $828.5 million to $37.5 million year-on-year.

The share of Switzerland in the total volume of Azerbaijan’s imports dropped from 14.2 percent to 0.9 percent of the total volume.

In total, the ratio of export-import operations in foreign trade relations between the two countries in the reporting period shifted towards import.

In the first five months of 2019, foreign trade relations were marked by a wide margin towards exports (94 percent against 6 percent respectively), while in the same period of this year the ratio of export to import made up 66 percent to 34 percent.

Thus, the balance of foreign trade between the countries for the reporting period was positive for Azerbaijan and amounted to $33.9 million.

In total, the foreign trade turnover of Azerbaijan amounted to $11.1 billion in the reporting period, having shown a 22.9-percent drop over the year. The balance of foreign trade turnover increased by 0.9 percent on an annualized basis and remained positive, having surpassed $2.8 billion.

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