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Iran’s exports to Azerbaijan sharply falls

Business Materials 20 February 2018 16:30 (UTC +04:00)

Baku, Azerbaijan, Feb. 20‎

By Gazenfer Hamidov – Trend:

The Islamic Republic’s official statistics indicate that Iran’s non-oil exports to Azerbaijan has witnessed significant fall during the current fiscal year (started March 20, 2017).

Iran exported 517,000 tons of goods to Azerbaijan, worth $245 million during the first 10 months of the current fiscal year(March 20-Jan. 21), according to the data released by the country’s Trade Promotion Organization (TPOI).

Iran’s exports to Azerbaijan registered a fall by 23 percent in terms of value year-on-year.

Meanwhile the volume of the exports witnessed a fall by 47 percent in the same span of time.

Iran’s exports to Azerbaijan accounted to 0.7 percent of the Islamic Republic’s overall non-oil exports in terms of value during the 10-month period.

The latest data released by Tehran Chamber of Commerce, indicates that Iran has imported 47,000 tons of goods, worth $16.1 million from Azerbaijan during the first eight months of the current fiscal year.

Iran’s export to Azerbaijan in last fiscal year ‎(March 2016-‎‎2017)‎

Export value (million USD)

Export volume (1000 tons)

Price

($/kg)

value growth (%)

volume growth (%)

Price growth (%)

358.57

1,049

0.34

54.7

100

-22.7

Iran’s imports from Azerbaijan in last fiscal year ‎(March 2016-‎‎2017)‎

Import value (million USD)

Import volume (1000 tons)

Price

($1/kg)

value growth (%)

volume growth (%)

Price growth (%)

46.8

151

0.31

199.9

297.2

-24.5

Azerbaijan exports to Iran were in decline in recent years after experiencing the record high figure of $322 million in Iranian fiscal year, which falls to 2007-2008.

The value reached the lowest level under the sanctions in 2014 to 2016, experiencing $15 million, but then sharply revived to $46.8 million after removal of the sanctions in 2016, registering a growth by some 200 percent.

Iran’s exports to Azerbaijan reached to highest level in the fiscal year to March 2013, when accounted to $493 million. But it sharply decreased in the two years of the sanctions against Tehran and reached the lowest level in the fiscal year to March 2016, standing at $‎231.8 million.

The figure revived by 55 percent (to $358 million) next year, when the Iranian economy was free of international sanctions.

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