Azernews.Az

Being famous for its hydrocarbon resources down the centuries, Azerbaijan witnessed a dramatic hike in exports since the date of gaining its independence. The export of Azerbaijan has skyrocketed by dozens of times in the past 30 years. The increase in exports flooded foreign exchange into the country, the living standards of citizens soared, the country evolved from a low-income country to an upper-middle-income country, and so on. Nevertheless, this development bubbled up other challenges. The exports of the country did not increase in a balanced way. Thus, the export of oil and gas has cast a shadow on the non-commodity export. To put this into perspective, up to 90 per cent of Azerbaijan’s exports chronically have been made up of oil and gas, which has made the country vulnerable to external risks.

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