TODAY.AZ / Business

Country's exports hit $ 18.9 bln

17 January 2019 [15:35] - TODAY.AZ

By Azernews

By Leman Mammadova

Azerbaijan maintained trade relations with 182 foreign countries in January-November 2018.

Azerbaijan’s legal entities and individuals exported products to 109 countries and imported from 173 countries in the mentioned period.

The foreign trade turnover of the country amounted to $29.2 billion during the reporting period, considering the statistical value of exported crude oil and natural gas, including exports of $18.9 billion, imports of $ 10.2 billion, resulting in a positive trade balance of $ 8.6 billion.

Foreign trade turnover increased by 34.6 percent in real terms, including 35.9 percent in exports and 32.1 percent in imports compared to January-November 2017.

As many as 31 percent of exports accounted for Italy, 8.7 percent -Turkey, 6.2 percent - Israel, 4.6 percent – Czech Republic, 4.2 percent - India, 4.1 percent -Germany, 4 percent - Taiwan (China's province), 3.3 percent - Russia, 3.2 percent- Canada, 3 percent each-Indonesia and Portugal, 2.5 percent each- Georgia and France and the rest made the remaining 19.7 percent.

Meanwhile, 16.2 percent of the total value of imported products fell for Russia, 14 percent - Turkey, 10.2 percent - China, 5.7 percent - Germany, 4.9 percent - Switzerland, 4.6 percent – U.S., 4.0 percent - Ukraine, 3.6 percent - Iran, 3.5 percent - Japan, 3 percent - Italy, 2.4 percent - United Kingdom, and 27.9 percent - others.

Azerbaijan exported non-oil products worth $ 1.5 billion in January-November 2018, which is 10.5 percent more than in the same period of 2017.

Export and import operations develop and expand national economies as well as constitute the basis of successful business. A country’s economy develops by exporting wealthy assets and importing goods that it lacks. Countries strive to be net exporters rather than net importers.

Export potential, as part of the country's economic potential, is the ability to produce and export various types of material goods and services that meet the requirements of foreign market consumers as a result of the full utilization of production facilities of the national economy and its separate industries.

Energy projects have played a special role in expanding export markets in Azerbaijan.

It should be noted that at present, oil and gas account for the main share in export, although export of non-oil products also shows an upward trend.

Opening of Azerbaijani trade houses abroad, organization of the export missions to foreign countries to promote Made in Azerbaijan brand in foreign markets further developed share of non-oil products in the structure of country’s exports.


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