Economic
In recent years, there has been a progress in the economic relations between the Republic of Azerbaijan and the Republic of Latvia. So, compared to the same period last year, the trade turnover between the two countries has increased in the reporting year. It can be seen from the table below.
(with the million USD)
Year |
Import |
Export
|
Commercial turnover |
Balance |
2004 |
2,86 |
11,52 |
14,39 |
8,66 |
2005 |
1,51 |
5,37 |
6,88 |
3,86 |
2006 |
1,88 |
8,38 |
10,26 |
6,5 |
2007 |
1,71 |
3,61 |
5,32 |
1,9 |
2008 |
3,9 |
4,0 |
7,9 |
0,1 |
2009 |
5,299 |
3,363 |
8,83 |
-1,936 |
2010 |
6,7 |
3,9 |
10,6 |
-2,8 |
2011 |
9,7 |
12,6 |
22,3 |
4 |
2012 |
8,5 |
5,7 |
14,2 |
-2,8 |
2013 |
11 |
2,4 |
13,4 |
-8,6 |
2014 |
7,35 |
0,79 |
8,14 |
-6,56 |
2015 |
8,3424 |
8,005 |
9,1429 |
-7,5419 |
2016 for 6 month |
3,5576 |
2,69 |
3,8266 |
-3288,6 |
During April 24-25, 2013, the President of Latvia Andris Berzins paid an official visit to Azerbaijan. During the visit 70 businessmen fromLatviaparticipated in the business forum held inBaku. Many companies have laid the foundation for cooperation by signing various agreements.
As it is known, Latvian Economic and Financial Affairs Council (ECOFIN) made a decision about joining of the Republic of Latvia to the Euro zone, in Brussels on June 9. Since January 2014, theRepublicofLatviabecame an 18th member of the Euro area.