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Expert sounds alarm – Azerbaijan`s exports decreased by 19%

17.06.2020,14:36


June 17, Fineko/abc.az. Azerbaijan has observed deficit in the foreign trade balance for the first time in the last 4 years.

The State Customs Committee reports that in May the deficit was $117 million due to an excess of imports ($782.5 million) over exports ($665.5 million).

ABC.AZ reports that the statement was made by economist-expert Samir Aliyev.

According to Aliyev, the last negative balance ($112.6 million) was formed in October 2016.

Despite that, the trade balance remained positive ($2.8 bn) for 5 months of this year. The surplus was the same for the same term of last year.

But in 2018 it was even higher - $3.5 bn.

"In general, there was a decrease in foreign trade turnover compared with the same period of 2019. Exports decreased by 19%. The decline is linked not only with lower oil prices, but also with decline in non-oil exports. For example, exports of fruits and vegetables decreased by 10%, sugar by 12.7%, cotton fiber by 24.3%, cotton yarn by 18.8%, ferrous metals and products made of them by 42.2%, and aluminum by 5.7%. And in imports, the decline was even greater - by 28.9%. However, despite this, there was a significant increase in imports of key strategic products. As a result, it became possible to ensure the country's food security during the quarantine period. For example, meat products grew by 11.2%, milk by 36.2%, oils made from milk by 32.5%, tea by 5.2%, and rice by 38.6%. Wheat imports reduced by 38%, while pharmaceutical products grew by 67.3%," Aliyev said.