Azerbaijan increases exports of fats and oils to nearly $20 million

Azerbaijan exported 13,174.61 tonnes of fats and oils of vegetable and animal origin worth $19.7526 million in January-July this year, according to the State Customs Committee.

Compared with the same period last year, the value of exported products increased by $5.59714 million, or 39.5%, while export volumes rose by 2,605.22 tonnes, or 24.6%, Caliber.Az reports.

Exports of fats and oils of vegetable and animal origin accounted for 0.1% of Azerbaijan’s total export revenues during the reporting period.

Over the seven months, Azerbaijan also imported 104,357.96 tonnes of fats and oils of vegetable and animal origin worth $167.3182 million. Compared with the same period last year, the value of imports increased by $30.1785 million, or 22%, while the volume rose by 15,769.17 tonnes, or 17.8%.

During the reporting period, spending on imports of fats and oils of vegetable and animal origin accounted for 1.6% of Azerbaijan’s total import expenditures.

Azerbaijan conducted trade operations with foreign countries worth $29.216 billion in the first seven months of the year, up 1.3% from the same period last year. Exports accounted for $19.336 billion of the foreign trade turnover, while imports amounted to $9.881 billion. Over the past year, exports increased by 27%, while imports declined by 27.4%.

As a result, Azerbaijan recorded a foreign trade surplus of $9.455 billion, a 5.9-fold increase year on year.

By Jeyhun Aghazada