Azerbaijan's trade with Iran hits $274m in Jan-Oct 2020

By Azernews

By Ayya Lmahamad

Azerbaijan's trade with Iran amounted to $274 million, thus making Iran Azerbaijan's largest trading partner among the Persian Gulf countries in January-October 2020, the State Customs Committee has reported.

Out of the total turnover, export from Azerbaijan to Iran amounted to $34.5 million, while the import from Iran amounted to $239.4 million. It should be noted that the trade between the two countries resulted in $422.6 million during the corresponding period of 2019. Thus, there was a decrease in trade between the two countries by $148.6 million.

Moreover, during the reported period, the United Arab Emirates was Azerbaijan's second largest partner among the Persian Gulf countries with the trade amounting to $33.4 million. Export amounted to $8.3 million, while import amounted to $25 million. It should be noted that the trade amounted to $56.7 million between Azerbaijan and the United Arab Emirates during the same period of last year. Thus, there was a decrease in the trade of the two countries by $23.3 million.

Furthermore, Saudi Arabia, with the trade of $10.7 million, was Azerbaijan's third largest partner among the Persian Gulf countries during the first ten months of the year. Out of the total turnover, export amounted to $1.4 million, while import to $9.2 million. It should be noted that the trade between the two countries amounted to $9.6 in January-October 2019. Thus, there was an increase in the trade between Azerbaijan and Saudi Arabia by $1 million during the reported period.

Likewise, these countries are also the three leaders among the Persian Gulf countries, in terms of Azerbaijan’s import.

In the meantime, Iran, the United Arab Emirates and Iraq were three leaders among the Persian Gulf countries, in terms of Azerbaijan’s export.

Thus, the export of Azerbaijani products to Iran amounted to $8.9 million, while the import to $243,710. The trade between the two countries resulted in $9.2 million during the reported period.

Earlier it was reported that Russia, Ukraine and Belarus remained Azerbaijan’s top trading partners among the CIS countries in January-October 2020.

Italy remained Azerbaijan's main trading partner in January-October 2020, with a trade turnover of $4.2 billion.

The volume of Azerbaijan’s foreign trade amounted to $17.8 billion in January-September 2020. The value of export amounted to $10 billion or 56.1 percent of the total turnover, while the value of import amounted to $7.8 billion or 43.9 percent. Thus, the foreign trade resulted in a surplus of $2.1 billion.