How will the earthquake affect Azerbaijan-Turkey economic relations.

Spread the love

International News Desk

According to Ug News Media Europe,In addition to the economic consequences of the earthquake in Turkey, the effects on the trade circulation with neighboring countries are also discussed. If we pay attention to the geography of the disaster of the century and the structure of our exports to Turkey, we will see that the earthquake will not have a negative impact on the economic relations between the two countries.Ug News Media Europe reports that economist-expert Vugar Bayramov said this.He said that besides being a strategic ally of Azerbaijan, Turkey is the second largest partner in foreign trade. In 2022, the trade turnover between the two countries will reach 6 billion dollars. In 2021, the trade turnover between the countries was 4 billion 661 million dollars. In 11 months of last year, exports to Turkey amounted to 3 billion 323 million dollars, while imports from the brotherly country amounted to 1 billion 48 million dollars. At the same time, Turkey is the second main partner of our country in non-oil exports. Thus, approximately one third of our non-energy needs of 3 billion dollars falls to Turkey.”In recent years, an increase in the value of non-oil products exported to the brotherly country has been recorded. Besides, energy products still have the main share in our trade turnover with Turkey. In particular, increases in the export of blue gas to the brotherly country are recorded. If we pay attention to the geography of the disaster of the century and the structure of our exports to Turkey, we will see that the earthquake will not have a particularly negative impact on the economic relations between the two countries. Energy cooperation between the countries is expected to strengthen in 2023. Cooperation in the non-oil field will be continued this year. From this point of view, if there are no reductions in the prices of energy products, no serious changes in the trade cycle between Azerbaijan and Turkey are expected,” the expert noted.

Post Views: 419