Azerbaijan, Germany increase trade by 61% in 2018
In 2018, the trade turnover between Azerbaijan and Germany increased by 61 percent compared to 2017, Azerbaijani Deputy Economy Minister Rufat Mammadov said at the eighth meeting of the Azerbaijani-German high-level working group in Baku.
The deputy minister noted that relations between the two countries are developing positively.
Mammadov noted that Azerbaijan’s share among Germany’s partners in the South Caucasus was 70 percent in 2018.
He also mentioned that in November 2018 an export mission to Germany was organized, which included representatives of 28 Azerbaijani companies.
The deputy minister also informed the guests about the economic results achieved in Azerbaijan. In particular, Mammadov mentioned the launch of the Trans-Anatolian gas pipeline (TANAP), the opening of the STAR oil refinery in Turkey owned by the Azerbaijan State Oil Company SOCAR, the launch of the second satellite of Azerbaijan Azerspace-2 and other events took place in 2018.
He noted that inflation in the country amounted to 2.3 percent, while the GDP grew by 1.4 percent. Growth in agricultural, tourism and transport sectors amounted to 4.6, 7.6 and 7.9 percent, respectively.
Investments in fixed assets amounted to 12.9 billion manats and the positive balance in foreign trade was 7.6 billion manats, Mammadov said.
He also added that Azerbaijan increased exports by 30 percent, as well as the non-oil exports by 10 percent. Exports of agricultural products increased by 12 percent, while exports of industrial products went up by 9 percent.
Baku is hosting the eighth meeting of the Azerbaijani-German high-level working group. The meeting participants discuss the possibilities for expanding economic cooperation between the two countries, including in the areas of investment, industry and tourism, the work done after the seventh meeting of the working group, as well as the challenges ahead.