Trade with Turkey grows significantly

By Azernews

By Leman Mammadova

Joint energy and transport projects are the main driving force in the economic relations between Azerbaijan and Turkey.

Every year, trade and economic cooperation between Azerbaijan and Turkey diversifies and covers new areas. Both countries are interested in the maximum expansion of relations.

The trade turnover between Turkey and Azerbaijan amounted to $1.5 billion in January-June 2019.

According to the Turkish Ministry of Trade, the trade increased by $674.5 million compared to the same period in 2018.

In the first half of this year, Turkey’s exports to Azerbaijan amounted to $1.2 billion, and imports from Azerbaijan – to $381.4 million.

As for June 2019, the trade turnover between the two countries increased by $644.3 million compared to June 2018 and amounted to $789.2 million.

Turkey’s exports to Azerbaijan amounted to $598.55 million in June, while imports from Azerbaijan reached $190.71 million.

Generally, Turkey’s foreign trade reached $26.7 billion in June 2019. Turkish exports decreased by 14.86 percent compared to June 2018 and totaled $11.6 billion. In addition, imports to Turkey decreased by 21.81 percent year-on-year and amounted to $15.09 billion.

Last year, Azerbaijan’s investments in Turkey totaled $516 million. During the year, the biggest volume of investments from Azerbaijan to Turkey was made in November ($178 million), and the smallest - in December ($13 million). Azerbaijan accounts for almost 8 percent of all investments in Turkey.

At the same time, Azerbaijan’s direct investments in Turkey accounted for $489 million.

Azerbaijani investments in Turkey are estimated at $14.5 billion, about $13 billion of which accounts for the oil and gas sector. In turn, Turkey has invested $11.8 billion in Azerbaijan, of which $9.1 billion accounts for the oil sector. Turkey invested $2.7 billion in the non-oil sector of the Azerbaijani economy, being the leading investor in this sector.

Turkey is a partner in many strategic projects of Azerbaijan. The countries effectively use their economic and energy capabilities as well as the geopolitical position to expand bilateral and regional cooperation.

All projects initiated by Azerbaijan and Turkey are implemented successfully and serve for further development and well-being of the two nations.