Azerbaijan boosts trade turnover with Italy in Jan-May

By Azernews

By Ayya Lmahamad

Azerbaijan increased the volume of trade turnover with Italy by $288.2 million during the first five months of 2021, the State Customs Committee has reported.

The trade turnover between the two countries amounted to $2.8 billion, thus making Italy Azerbaijan's largest trading partner during the reported period. Out of the total turnover, exports amounted to $2.7 billion and imports to $155.3 million.

It should be noted that Italy was Azerbaijan’s top trading partner in 2020 with the total trade turnover between the two countries amounting to $4.5 billion. In addition, Azerbaijan is one of Italy’s main energy resources suppliers. Around 113 Italian companies, operating in various fields, are registered in Azerbaijan.

Italy was followed by Turkey and Russia in the list of Azerbaijan’s trade partners in the first five months of the year.

Turkey was Azerbaijan's second-largest trading partner, with a trade turnover of $1.8 billion. The trade turnover between the two countries increased by $3.6 million compared to the corresponding period of 2020. Export from Azerbaijan to Turkey amounted to $1.2 billion, while imports from Turkey amounted to $660.4 million. 

Russia was Azerbaijan's third-biggest trading partner in the reported period, with a trade turnover of $1 billion, where exports amounted to $291.3 million and imports to $767.9 million. It should be noted that trade turnover between the two countries increased by $10.9 million compared to January-May 2020.

Likewise, Azerbaijan's top five trading partners were Italy, Turkey, Russia, China with a trade of $677.9 million and India with $417 million.

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

In the first five 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.

It should be noted that last year, the country's main trade partners were Italy, Turkey, Russia, Greece and Croatia. Total Azerbaijan's trade turnover last year amounted to $24.4 billion.