Trade relations between Azerbaijan and Spain become more balanced
BAKU, Azerbaijan, Aug. 26
By Eldar Janashvili – Trend:
The foreign trade operations between Azerbaijan and Spain amounted to $262.6 million from January through July 2020, which is 1.9 times less than in the same period of last year, Trend reports on Aug. 26 referring to the statistical bulletin of the Azerbaijani State Customs Committee.
The Azerbaijani products worth $227.8 million were exported to Spain from January through July 2020, while a year earlier the products worth $471.9 million were exported, the ministry said.
Thus, Spain reduced import of products from Azerbaijan by more than two times on an annualized basis and Spain's share in the total export volume of Azerbaijan decreased from 3.8 percent to 2.5 percent.
At the same time, import of Spanish products to Azerbaijan on an annualized basis decreased from $38.9 million to $34.8 million.
Spain’s share in the total import volume of Azerbaijan amounted to 0.6 percent out of the total volume compared to 0.5 percent in the same period of last year.
The ratio of export and import in the foreign trade relations of the two countries reached 92.4 percent and 7.6 percent from January through July 2019, while the ratio reached 86.75 percent and 13.25 percent from January through July 2020.
The share of export of Azerbaijani products to Spain in the total trade turnover between the two countries decreased by 1.4 percentage points. Thus, the balance of foreign trade turnover between Azerbaijan and Spain remained positive over the reporting period, amounting to $192.9 million.
In general, Azerbaijan's foreign trade turnover amounted to $15.03 billion from January through July 2020, which is 1.4 times less than in the same period of 2019.
The balance of foreign trade turnover on an annualized basis decreased by 1.1 times, and remained positive, amounting to $3.2 billion.
(1 USD = 1.7 AZN on Aug. 26)
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