BAKU, Azerbaijan, June 25
By Eldar Janashvili – Trend:
The value of foreign trade operations between Azerbaijan and Russia from January through May 2020 made up $1 billion, which is 4.3 percent less than in the same period of last year, Trend reports referring to the country’s State Customs Committee.
According to the committee, in the reporting period, the export of Azerbaijani products to Russia stood at $278.9 million against $278.6 million in the first five months of 2019. Russia's share in Azerbaijan’s total exports increased from 3.23 to 4 percent.
Imports of Russian products to Azerbaijan decreased by almost six percent, declining year on year from $816.6 million to $ 769.4 million. Nevertheless, Russia's share in total imports of Azerbaijan increased from 14 to 18.5 percent.
The overall ratio of export-import in foreign trade relations between the two countries almost did not change from January through May, significantly accounting for the import of Russian products.
If during the same period in 2019, imports prevailed over exports in the foreign trade relations - 74.5 and 25.5 percent, then in 2020, the ratio of imports and exports slightly changed to 73.4 and 26.6 percent, respectively.
Thus, the balance of foreign trade turnover between the two countries over the reporting period was negative for Azerbaijan, and decreased by $47.4 million to make up -$490.5 million.
In total, from January through May 2020, the foreign trade turnover of Azerbaijan amounted to $11.1 billion, which is 22.9 percent less than the same indicator in 2019. The balance of foreign trade turnover on an annualized basis increased by 0.9 percent and remained positive, amounting to $2.8 billion.
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