Azerbaijan's foreign trade surplus hits $3bn

By Azernews

By Ayya Lmahamad

Azerbaijan’s foreign trade surplus amounted to $3 billion during the period of January-May 2021, the State Customs Committee has reported.

During the first five months of the year, the country's trade turnover amounted to $11.8 billion. Of the total turnover, export amounted to $7.4 billion or 62.8 percent, while import was $4.3 billion or 37.1 percent, resulting in a surplus of $3 billion.

Moreover, legal entities and individual entrepreneurs in the country carried out trade operations with partners in 168 countries.

In terms of export, EU countries accounted for $3.6 billion or 49.1 percent, CIS countries for $659.1 million or 8.8 percent and other countries for $3 billion or 41.7 percent of the total country's export. 

As to the import, CIS countries accounted for $1 billion or 24.4 percent, European Union countries accounted for $860.1 million or 19.5 percent and other countries for $2.4 billion for 55.9 percent of the country's imports during the reported period.

Furthermore, 219,773 tons of cargo were transported by sea, 2.6 million tons by railway and 1.7 million tons of cargo by car. Some 16,289 tons of cargo were transported by air in January-May.

In the structure of exports, the main volume came from products of the oil and gas sector with 87.7 percent, while the non-oil and gas sector amounted for 12.2 percent of the total export volume.

Additionally, during the reported months, Azerbaijan's main export transactions were with Italy ($2.7 billion), Turkey ($1.2 billion),  India ($350.1 million), Georgia ($348.6 million) and Spain ($342.3 million).

Azerbaijan's main import transactions during the first five months of the year were with Russia with $767.9 million, Turkey with $660.4 million, China with $556.9 million, Germany with $287.8 million and the U.S. with $192.8 million.