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Iran’s imports from Azerbaijan sharply falls

Business Materials 19 April 2018 16:05 (UTC +04:00)

Baku, Azerbaijan, April 19

By Gazenfer Hamidov – Trend:

Iran’s imports from Azerbaijan witnessed sharp fall during the last fiscal year (ended March 20, 2018), according to the statistics, released by the Islamic Republic’s Customs Administration.

Iran’s imports from Azerbaijan amounted to 69,877 tons in the 12-month period, 53.6 percent less year-on-year.

The value of the Azerbaijan’s exports to Iran accounted to $27.136 million, 42 percent less compared to the preceding fiscal year, according to the data.

Iran exported 711,078 tons of goods to Azerbaijan, worth $323.7 million during the same span of time (March 20, 2017- 2018).

Iran’s exports to Azerbaijan registered a fall by 10 percent in terms of value year-on-year.

Meanwhile, the volume of the exports witnessed a fall by 32 percent in the same span of time.

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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