Azerbaijan has been the world’s fastest growing economy in recent years mainly due to its oil and gas development and the liberalisation of its trade system. Nagorno-Karabakh conflict, dissolution of the Soviet Union, and presidency of Heydar Aliyev. Agricultural production is concentrated in the mountain valleys. During the reporting period, the export of Azerbaijani products to Russia amounted to $565.5 million, while the import from Russia amounted to $1.6 billion. There are currently more than 450 UK companies doing business in Azerbaijan. Overall Azerbaijan achieved a $6 billion trade surplus for 2019, down by -25.2% from the $8 billion in black ink one year earlier. The Abşeron region includes the Abşeron Peninsula and several other areas of eastern Azerbaijan. Due to Azerbaijan’s huge energy capacity (oil and gas) Pakistani side as oil importer country considers Azerbaijan as an important trade partner. Notably, inprevious few years, Azerbaijan has consistently ranked second in the top ten largest trade partners of Georgia, the second only after Turkey. Merchandise Trade statistics data for Azerbaijan (AZE) including exports and imports, applied tariffs, top exporting and importing countries, effectively applied and MFN tariff along with most exported and imported product groups, along with development indicators such as GDP, GNI per capita, trade balance and trade as percentage of GDP for Most Recent Year. Italy, Turkey and Israel are Azerbaijan's main export partners. Special breeds of sheep are raised; their skins are used in the local fur industry. globalEDGE - Your source for business knowledge Menu. Note: The de-restriction of documents is a key component of the transparency obligations of the Multilateral Trading System. The ferry link between Baku and Turkmenbashi (also on the Caspian, in Turkmenistan) augments considerably the amount of cargo passing through Azerbaijan. Modern Sumqayıt, 22 miles (35 kilometres) northwest of Baku, is currently a centre of the iron and steel, nonferrous metallurgical, and chemical industries, although the development of light engineering is envisaged. Compare Balance of Trade by Country Its territory borders the Greater Caucasus range, which shelters it from cold northern winds. EU INSTITUTIONS . In recent years, Azerbaijan’s trade relations have been shifting away from Russia and towards the European Union. Navigate parenthood with the help of the Raising Curious Learners podcast. The area also has a well-developed network of roads. A major railway line traverses the Kura valley and connects Baku with Tbilisi and Batumi in Georgia. The first table below shows top trading partners of Azerbaijan in terms of export sales (selling), including Italy, United States, and Israel. Dec. 2, 2020. Animal husbandry constitutes a large percentage of the gross agricultural output, the leading branches being sheep and pig raising. Motor transport is used extensively for both freight and passengers. In 2018, Azerbaijan exported $19.9B and imported $11.9B, resulting in a positive trade balance of $8.01B. Azerbaijan’s other exports include sugar, fruits, metals and polymers.Azerbaijan’s main exports partners are Italy, the United Kingdom, the United States, Israel, Indonesia, France and Turkey. Belarus is the second-largest foreign trade partner of Azerbaijan in the CIS region. Its main natural wealth is mineral, including oil, natural gas, iodobromide waters, and limestone used in building and cement production. A tea plantation in the Länkäran region of southern Azerbaijan. Azerbaijan exports chemicals, machinery, food (particularly grapes and other fruits and vegetables), beverages, petroleum and natural gas, iron and steel, nonferrous metals, and other products; its imports include iron and steel, machinery, and food and beverages, particularly meat and milk. Market Value: 47,163 (millions) – Last Updated: June, 2019. Spain was Azerbaijan’s largest trade partner among the Spanish-speaking countries in the first ten months of 2020, with trade between the two countries amounting to $398.1 million, the State Customs Committee has reported. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. In Kürdämir a fragrant dessert wine is produced. Azerbaijan Major Exports . The top ten trade partners of Azerbaijan also includes Russia - 1,081 bln dollars (6%), France - 996,961 mln dollars (5.5%), Turkey - 970,315 mln dollars (5.4%), US - 814,373 mln dollars (4.5%), Israel - 781,507 mln dollars (4.3%), India - 605,690 mln dollars (3.34%) and Spain - 466,187 mln dollars (2.6%). In fourth place was China (169 million USD), and Azerbaijan took the fifth position (160 million USD). The best varieties of pomegranates are grown near Göyçay. Cotton-ginning plants are located in Bärdä, Salyan, and Äli-Bayramlı, all of which, in addition to being on the Kura River, have the advantage of being located on railways and motor roads. 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The bilateral trade with Turkey made $3.591.6 billion, while it amounted to $296.2 million with Tunis, and $274 million with Iran, according to … The UK is already the single largest investor in Azerbaijan and is well placed to increase business. Few of the rivers of Azerbaijan are navigable, and most freight—including that transported out of the country—is carried by rail and truck. Turkey, Tunis and Iran were Azerbaijan's key trade partners among the OIC countries in January-October of this year, according to the country’s State Customs Committee. The major trading partner of Azerbaijan among the CIS countries is Russia. One of the main reasons for this is that Russia is the primary importer of Azerbaijani agricultural products. Azerbaijan’s economy is heavily reliant on exports, a factor that had great influence over the impact of the 2009 Global financial and economic crisis. Oil and other energy products are Azerbaijan’s major exports to other countries, accounting for more than half of its GDP and play an important role in keeping the economy stable and… Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. The volume of export of Azerbaijani products to Turkey amounted to $2.3 billion, while the import from Turkey amounted to $1.2 billion. Benefits for UK businesses exporti… In 2018, Azerbaijan's exports per capita were $2k and its imports per capita were $1.2k. The southwestern region includes Nagorno-Karabakh and the Laçin, Füzuli, and Qubadlı administrative districts. 14, Bakhtiyar Vahabzade, Baku, Azerbaijan, AZ1141. The towns of Länkäran, Astara, and Masallı are small, and local industry is mostly concerned with the processing of agricultural goods, while in the mountains the Talysh people make colourful rugs and carpets. 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