60% trade growth between Kazakhstan and Azerbaijan
Kazakhstan has increased its exports to Azerbaijan. According to official data, the value reached US$134 million in the first nine months of this year, which is 65.5 per cent higher compared to the same period last year. Due to the high results, Kazakhstan entered the list of Azerbaijan’s top 10 exporting countries.
RASHAD GASSANOV, ECONOMIST:
- The trade turnover between Azerbaijan and Kazakhstan has increased significantly. Over the past period, the import of Kazakh grains has doubled, while the import of railway equipment has increased by five times. Kazakhstan also increased the exports of bitumen by three times. Meanwhile, Azerbaijan also increased the exports of electrical cables to Kazakhstan by eight times. Kazakhstan imported pipe products from Azerbaijan by almost three times compared to last year.
Kazakhstan also increased the volume of rice exports by three times from 2,000 tonnes last year to 7,000 tonnes in 2018, which is a record value of the rice export volumes between the countries. According to experts, the improvement of the transport and logistics capacities had a positive impact on economic relations.
ALI MASSIMOV, MEMBER OF AZERBAIJAN’S PARLIAMENT
- Transport hubs are very important in our economic relations. Both countries contributed a lot to the development of transport hubs over the past few years, which is producing positive results. A well-established corridor provides an opportunity for the movement of capital. Moreover, the East-West corridor will allow increasing the trade turnover several times. We can expect the same growth next year, given that both countries are seriously committed to expand the economic relations.
According to experts, trade turnover between Kazakhstan and Azerbaijan will exceed US$200 million this year. Observers believe that the implemented projects and stronger ties in the private sector are yielding positive results. The next plans include transportation of larger volumes of Kazakh oil and the increased freight traffic from China to Europe through the Caspian Sea and the territory of Azerbaijan.