Turnover between Russia and Azerbaijan increases

The trade turnover in the first half of 2011 between the Azeri and Russian economies reached almost USD 1.5 bln. This is more than a 70% increase compared with the previous year. From this total amount Azerbaijan exports USD 679 mln and imports USD 776 mln. The figures show that Azerbaijani exports into Russia have increased. However the figures also show that in 2008 trade turnover between the two countries was even higher and reached USD 2.4 bln. But this was before the economic crisis took place and in any case this latest data only covers the first six months of 2011. Analysts suggest that eventually the figure might exceed USD 3 bln by the end of this year.

Azerbaijan imports machinery, food products, steal and timber from Russia. Whereas Azerbaijan's main export to Russia is natural gas with 2 mln cubic meters destined for Russia this year.