TODAY.AZ / Business

Trade with Kazakhstan keeps increasing

07 August 2019 [14:13] - TODAY.AZ

By Azernews


By Mirsaid Ibrahimzade

Development of trade relations and implementation of agreements at the interstate level benefit both Kazakhstan and Azerbaijan within different spheres of economy. Direct contacts between the business communities, expansion of the range of products exported to the markets of the two countries noticeably affect the volume of the mutual trade turnover.

In the first six months of this year, trade turnover between Kazakhstan and Azerbaijan grew by 16 percent year-on-year and reached $136 million.

Kazakhstan exported products worth $124 million to Azerbaijan, which recorded an increase of 33 percent, thus entering the top 15 major importers of Azerbaijan. The export of Kazakh grain to Azerbaijan over this period almost tripled.

Firdovsi Fikretzade, director of Azerbaijan's Agricultural Research Center, noted that for the first six months of 2019, the figure for import of agricultural products from Kazakhstan hit $60 million. He noted that of these, $57 million accounted for the wheat, while the remaining $3 million accounted for the purchase of other crops.

In addition, Ministry of Agriculture noted that common customs tariffs on routes facilitated the tripled import of Kazakh grain during this period.

Experts believe that Kazakh grain retains its competitiveness due to its high quality, so interest for grain from this country will grow in Azerbaijani market.

Azerbaijani economist Vugar Bayramov stressed that since 2018, trade relations between Azerbaijan and Kazakhstan have been growing at a fast pace, and indicators of 2019 also showed the increased share of Kazakhstan in Azerbaijan’s imports.

In 2018, the turnover between Azerbaijan and Kazakhstan amounted to $220.7 million, which recorded the impressive 55.37 percent growth compared to 2017.

The main export products from Kazakhstan to Azerbaijan are mineral resources (oil and gas), chemical raw materials, grain, barley, tobacco products, carbon steel rolling, and electrical equipment.

Azerbaijan exports petroleum products extracted from bituminous materials, ethylene polymers, components for machines and mechanisms, prefabricated buildings, etc. to Kazakhstan.

The development of bilateral relations in the economic sphere is facilitated by the work of the Kazakhstan-Azerbaijan Intergovernmental Commission on Economic Cooperation.

At present, over 700 companies with Azerbaijani capital are registered in Kazakhstan, and about 60 companies with Kazakh capital are registered in Azerbaijan.

URL: http://www.today.az/news/business/185221.html

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