Azerbaijan and italy”/>
The volume of trade transactions between Azerbaijan and Italy in January-October this year amounted to 9 billion 571 million 745 thousand US dollars.
According to the facts, this is 3 billion 928 million 362 thousand US dollars (29.09%) less then in the same period last year.
During the reporting period, trade turnover with italy amounted to 24.31% of the total trade turnover of Azerbaijan.
Over 10 months, Azerbaijan exported products to Italy worth 9 billion 128 million 881 thousand US dollars, which is 30.6% less than in the same period last year. During this period, Italy accounted for 40.14% of the total exports of Azerbaijani products.
In January-October of this year, Azerbaijan increased imports of products from Italy by 28.8% compared to last year, to 442 million 863 thousand US dollars. During this period, import transactions with Italy amounted to 2.66% of the country’s total imports.
What are the main sectors driving trade between Azerbaijan and Italy?
Interview with Trade expert: Insights on Azerbaijan-Italy Trade Relations
Editor, Time.news: Welcome, Dr. Elena Garibaldi,trade expert and economic analyst. Thank you for joining us today to discuss the recent trade data between Azerbaijan and Italy, wich shows interesting trends for 2023.
Dr. Garibaldi: Thank you for having me.I’m glad to be here to discuss this significant economic relationship.
Editor: The trade volume between azerbaijan and Italy from January to October reached approximately 9.57 billion USD,which marks a 29.09% decline compared to the same period last year.What are some key factors contributing to this decrease?
Dr. Garibaldi: Several factors could be influencing this decline. The global economic climate has been volatile, impacting trade flows. Additionally, fluctuations in energy prices and shifts in demand for Azerbaijani goods in Europe may have played a role. It’s also critically important to consider that azerbaijan’s export value decreased by 30.6%, which suggests potential challenges in key sectors like energy and agriculture.
Editor: Indeed, azerbaijan exported products worth about 9.13 billion USD to Italy this year, which constituted 40.14% of Azerbaijan’s total exports. How do you interpret the significant reliance on the Italian market for Azerbaijani exports?
Dr.Garibaldi: This reliance underscores the importance of Italy as a critical partner for Azerbaijan. While Italy has been a major importer of Azerbaijani oil and gas,this dependency also highlights vulnerability. Any changes in Italy’s energy policy or economic situation could significantly affect azerbaijan’s export revenue. Azerbaijan should consider diversifying its export markets to mitigate these risks.
Editor: On the flip side,we see that Azerbaijan increased its imports from Italy by 28.8% to nearly 443 million USD in the same timeframe. What implications does this have for the trading relationship?
Dr. Garibaldi: The increase in imports reflects a growing demand for Italian goods in Azerbaijan, which could be indicative of strengthening bilateral relations.This might lead to expanding collaborations, particularly in sectors like machinery, industrial goods, and technology. Such growth in imports can foster economic diversification and bolster infrastructure projects in Azerbaijan, which are vital for long-term growth.
Editor: Trade with Italy accounted for 24.31% of Azerbaijan’s total trade turnover. In your opinion, what strategic measures should Azerbaijan take to enhance this trading relationship further?
Dr. Garibaldi: Azerbaijan should focus on several strategic measures:
- Strengthening Diplomatic Ties: continuous diplomatic efforts and memoranda can facilitate smoother trade processes and reduce tariffs.
- Sector-Specific Engagements: Identifying sectors where Italy can contribute expertise—like technology and agriculture—will enhance trade benefits for both countries.
- Participation in Trade Fairs: Azerbaijan should actively participate in trade exhibitions in Italy to showcase its products, especially in agriculture and energy, fostering direct business interactions.
- Emphasizing Quality and Standards: Enhancing the quality of exports to meet competitive European standards can improve marketability in italy.
Editor: Those are insightful strategies. Lastly, what practical advice do you have for businesses in Azerbaijan seeking to explore opportunities with Italian markets?
Dr. Garibaldi: Businesses should start by conducting thorough market research to understand Italian consumer preferences and regulatory requirements. Building partnerships or joint ventures with Italian firms can provide valuable insights and expand market access.Moreover, investing in marketing and brand visibility in Italy can help Azerbaijani products become more recognized.
Editor: Thank you,dr. Garibaldi, for your valuable insights into the evolving trade dynamics between Azerbaijan and Italy. It’s clear that while there are challenges, there are also significant opportunities to explore.
Dr. Garibaldi: thank you for having me; I look forward to seeing how this relationship evolves in the coming years.