Trade with Russia increases significantly

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In the first seven months of this year, the trade turnover between Azerbaijan and Russia amounted to almost $1.4 billion.

This is 23.2 percent more than in the same period in 2018, the State Customs Committee of Azerbaijan said in a message.

Some 7.76 percent of the total foreign trade turnover of Azerbaijan in January-July 2019 accounted for the trade operations with Russia.

The volume of export of local products to Russia amounted to $423.2 million, which is 9.4 percent more than in the same period last year.

In general, 3.45 percent of Azerbaijani exports in January-July 2019 accounted for the deliveries to Russia.

At the same time, import of Russian products to Azerbaijan increased by 29 percent. The share of supplies from Russia accounted for 14.04 percent in the total volume of Azerbaijan’s imports.

Azerbaijan is one of the main economic partners of Russia among the CIS countries and Russia remains one of Azerbaijan’s main foreign trade partners. Interregional cooperation plays an important role in the development of Russian-Azerbaijani trade and economic relations and the increase in trade turnover. Russia ranks first in terms of export of non-oil products from Azerbaijan.

So far, the value of investments by Russian companies in Azerbaijan amounted to $4.4 billion, and the Azerbaijani investments in Russia stood at $1.2 billion.

The trade turnover between Azerbaijan and Russia amounted to $2.55 billion in 2018, which is 19.1 percent more than in 2017, according to Azerbaijan’s State Statistics Committee. The share of trade operations with Russia in 2018 accounted for 8.25 percent of the total foreign trade turnover of Azerbaijan.

Last year, Russia’s exports to Azerbaijan were mainly food products and agricultural raw materials ($422.1 million), machinery, equipment and vehicles ($381.6 million), metals and products from them ($315.9 million), wood and pulp-paper products ($238.1 million) as well as chemical products and rubber ($198 million).

Russia is a strategic partner of Azerbaijan. The legal framework between the countries includes over 180 documents, including about 50 in the economic sphere.