TODAY.AZ / Business

Trade turnover grows

16 August 2019 [15:34] - TODAY.AZ

By Azernews

By Mirsaid Ibrahimzade

The economy of Azerbaijan has been showing a steady growth in recent years. The country is actively expanding trade operations with foreign countries and achieves great results due to the development of local production.

In January-June this year, legal entities and individuals of Azerbaijan carried out trade operations with partners from 177 countries, exported products to 103 countries, and imported from 164 countries.

The country's foreign trade turnover in the reporting period amounted to $16.86 billion, including exports of $9.85 billion and imports of $7.01 billion. Thus, the trade surplus equaled $2.84 billion.

Compared with January-June last year, the foreign trade turnover recorded a growth of 15.2 percent at actual prices; in particular, imports grew by 50.5 percent, and exports - by 1.4 percent. In real terms, turnover went up by 6.5 percent, including imports - by 19.6 percent, and exports - by 0.4 percent.

The 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 goods and importing those that it lacks.

Routes from the East to Europe, passing through the territory of Azerbaijan, as well as the International North-South Transport Corridor, constructed to transport goods from India and the Persian Gulf countries to Russia, Western Europe, and the Baltic and Scandinavian countries, greatly facilitate transportation of goods from and into Azerbaijan.

At present, oil and gas account for the main share in exports, while export of non-oil products also shows an upward trend.

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


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