BAKU, Azerbaijan, Feb. 1
By Zeyni Jafarov - Trend:
As of 2020, export from Azerbaijan to the US reached $24.9 million, while in 2019 this figure was $24.1 million (an increase of 3.35 percent), Trend reports citing the statistical bulletin of the Azerbaijani State Customs Committee.
The share of the US in total export of Azerbaijan amounted to 0.18 percent compared to 0.12 percent in 2019.
The import of products to Azerbaijan from the US on an annualized basis decreased by 17.2 percent and amounted to $635.9 million. The US share in Azerbaijan's total imports reached 5.93 percent of the total volume compared to 5.62 percent as of 2019.
The volume of foreign trade operations between the two countries amounted to $660.8 million, which shows a decrease of 16.5 percent compared to 2019.
The balance of foreign trade turnover of Azerbaijan with the US remained negative for the reporting year, amounting to $611 million.
The US and Azerbaijan have bilateral trade and investment agreements. The US companies are involved in oil production in Azerbaijan and are also exploring new investment opportunities in telecommunications and other fields.
Azerbaijan has been named as a beneficiary country in the Generalized System of Preferences and a number of Azerbaijani products are supplied to the US upon the duty-free system in accordance with this program.
In general, as of 2020, Azerbaijan's foreign trade turnover amounted to $24.5 billion. More than $13.7 billion of that amount or 56.15 percent accounted for export while the remaining $10.7 billion or 43.85 percent for import.
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