Exports down 1.6% y/y; imports up 7.1% y/y in 2014
Exports decreased 1.6% y/y at US$ 2.9bn, while imports were up 7.1% y/y at US$ 8.6bn in 2014, according to foreign trade data released by GeoStat. As a result, trade deficit was US$ 5.7bn with 50% share in total trade turnover. In 2014, despite strong export growth to China (+166.9%), USA (+52.2%), Russia (+44.2% driven by 1H14 robust growth), and Turkey (+30.9%), reduction in trade flows to Azerbaijan, Armenia, Ukraine and other CIS countries negatively weighed on exports. Cars remained top export commodity (18.1%), followed by ferro-alloys (10.0 %), copper (8.7%), nuts (6.4%) and wine (6.3%). In 2014, 22% of exports were directed to EU, 51% to CIS and 27% to other countries. In other countries Turkey (8.4%) and USA (7.3%) were the largest trading partners.
In 2014 petroleum (10.7%), cars (8.3%), gas (4.3%), pharmaceuticals (3.7%) and phones (2.3%) represented top 5 imported commodities. Last year, 28% of imports were originated from EU, 25% from CIS and 47% from other countries. In other countries Turkey (20.1%) and China (8.5%) were the largest trading partners.