BAKU, Azerbaijan, Nov.11
By Fidan Babayeva - Trend:
The volume of imports from South Korea to Azerbaijan from January through September 2020 amounted to $131.4 million against $120.4 million a year earlier, Trend reports with reference to the statistical bulletin of the State Customs Committee (SCC) of Azerbaijan.
"The growth of imports compared to the same period last year amounted to 9.1 percent. The share of South Korea in the total export of Azerbaijan increased from 1.16 to 1.68 percent," the report says.
The export of Azerbaijani products to South Korea on an annual basis decreased from $110,810 to $56,310.
The volume of foreign trade operations between Azerbaijan and South Korea for 9M2020 amounted to $187.7 million, decreasing by 17.9 percent on an annual basis.
The balance of foreign trade turnover between Azerbaijan and South Korea remained negative over the reporting period, amounting to $75 million.
As of 2019, Azerbaijan has invested about $0.5 billion in the Korean economy. The State Oil Fund of Azerbaijan has invested in the purchase of real estate in South Korea. About 70 companies with Korean capital have been registered in Azerbaijan.
The State Oil Fund of Azerbaijan acquired the Pine Avenue Tower A office complex in Seoul (South Korea) in 2014 for $447 million. The Pine Avenue Tower A complex is located in the center of Seoul and belongs to class A property.
In total, Azerbaijan's foreign trade turnover for 9M2020 amounted to $18.4 billion, which is 27.1 percent less than in 2019.
The balance of foreign trade turnover on an annualized basis decreased by 38.6 percent, but still it remained positive, amounting to $2.756 billion.
(1 USD = 1.7 AZN on Nov.10)
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