TODAY.AZ / Business

Country among Georgia's main trade partners

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

By Azernews


By Mirsaid Ibrahimzade

Despite the already broad cooperation in various fields between Azerbaijan and Georgia, potential of these fruitful relations is far from being exhausted. Joint big scale projects, close ties in economic sphere lead to the rising volumes of trade and diversification of the list of traded products.

A report of the National Statistics Office of Georgia reads that the volume of trade turnover between the two countries reached $600.6 million in January-July 2019.

The trade turnover increased by almost $100 million in a month, since it was $508.9 million in January-June this year.

Within the reporting period, the share of Azerbaijan in the total trade of the neighboring country accounted for 8.5 percent. Azerbaijan took the third place among the major trading partners of Georgia after Turkey and Russia.

In January-July, exports from Georgia to Azerbaijan grew by 6 percent year-on-year and amounted to $266.2 million. Azerbaijan’s share in Georgia’s total exports accounted for 12.7 percent. So Azerbaijan became the second importing partner of the country after Russia. In July alone, Georgia exported goods worth $55.2 million to Azerbaijan.

As for Georgia’s imports from Azerbaijan, during the first seven months of this year, Azerbaijan exported goods in the amount of $334.4 million to the neighboring country, which is 1.4 percent less compared to the same period last year. In July alone, Azerbaijan’s exports to Georgia hit $37.4 million.

Azerbaijan holds 6.7 percent of all imports of Georgia, which makes it the fourth most important importer to this country after Turkey, China and Russia.

In January-July, the total foreign trade turnover of Georgia equaled $7.06 billion, which is 0.2 percent more than in the same period last year. The exports of the neighboring country grew by 12.4 percent and amounted to $2.1 billion, while imports declined by 4.7 percent and made up $4.9 billion.

An earlier report of the National Statistics Office of Georgia noted that Azerbaijan was Georgia's major direct foreign investor in 2018. Azerbaijan invested $264.4 million in Georgia last year. The country’s share in the total foreign direct investments (FDI) in Georgia accounted for 19.6 percent.

The total trade turnover between Georgia and Azerbaijan amounted to $1.1 billion last year. Georgian exports to Azerbaijan amounted to $502.7 million, while Azerbaijan exported goods worth $586 million to the neighboring country.

Currently, economic cooperation is thriving between the states. Azerbaijan and Georgia successfully cooperate in major projects such as Southern Gas Corridor, Baku-Tbilisi-Ceyhan pipeline (BTC), Kars-Tbilisi-Baku railway (BTK), Transport Corridor Europe-Caucasus-Asia (TRACECA), Black Sea Economic Cooperation (BSEC), etc.

The legal framework between Azerbaijan and Georgia includes more than 100 agreements on bilateral cooperation.

URL: http://www.today.az/news/business/185564.html

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