Singapore ramps up volume of exports to Azerbaijan

By Trend

The export of products from Singapore to Azerbaijan increased by 3.8 percent and amounted to $14 million in the first five months of 2020, Trend reports on July 6 referring to the statistical bulletin of the State Customs Committee (SCC) of Azerbaijan.

Over the reporting period, the share of Singapore in the total volume of Azerbaijan’s import grew from 0.23 percent to 0.34 percent of the total volume.

In total, foreign trade operations between Azerbaijan and Singapore made up $14.1 million, which is $145,000 less compared to the same period in 2019.

From January through May 2020, the volume of exports of Azerbaijani products to Singapore dropped from $770,000 to $100,000 year-on-year.

The balance of foreign trade between the two countries for the reporting period was negative and amounted to -$13.9 million.

The total foreign trade turnover of Azerbaijan amounted to $11.1 billion in the reporting period, having shown a 22.9-percent drop over the year. The balance of foreign trade turnover increased by 0.9 percent on an annualized basis and remained positive, having surpassed $2.8 billion.