Baku, Azerbaijan, June 10
Trend:
Iran’s exports to Azerbaijan increased 65.7 percent in terms of value during the first two months of the current fiscal year, started March 20.
Iran exported 88,577 tons of goods to Azerbaijan, worth $55.56 million in the two-month period, according to the data released by Iran’s Customs Administration.
The volume of the exports witnessed a rise by 39.1 percent during the same period.
Iran’s exports to Azerbaijan made 0.73 percent of the Islamic Republic’s overall non-oil exports in terms of value, meanwhile the volume share was about 0.5 percent.
Iran exported 711,078 tons of goods to Azerbaijan, worth $323.7 million during the last fiscal year (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 during the same period.
Iran’s exports to Azerbaijan reached highest level in the fiscal year to March 2013, when it 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 compared 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.
Iran’s imports from Azerbaijan amounted to 69,877 tons in the last fiscal year, 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.
Azerbaijan exports to Iran were in decline in recent years after experiencing the record high figure of $322 million in Iranian fiscal year, which corresponds to 2007-2008.
The value reached the lowest level under the sanctions in 2014 to 2016 - $15 million, but then sharply revived to $46.8 million after removal of the sanctions in 2016, registering a growth by around 200 percent.