Azernews.Az

By Leman Mammadova

The share of non-oil sector constantly increases in the total exports of Azerbaijan due to the strategy to diversify the country’s economy.

Azerbaijan exported non-oil products worth $1.3 billion in January to August 2019, which is 17 percent higher than the same period in 2018, reads the export review by the Center for Analysis of Economic Reforms and Communication.

In the reporting period, the bulk of exports accounted for tomatoes - $141.5 million, gold - $107.7 million, raw cotton - $85.1 million, peeled hazelnuts - $76.1 million, electricity - $58.4 million, polyethylene - $50.8 million, methanol - $48.1 million, polypropylene - $47.4 million, cherries - $42.2 million and others-$620.1 million.

The non-oil products were exported to Russia in the amount of $427.1 million (up 13.8 percent), Turkey - $278.6 million (up 11.5 percent), Switzerland - $111.5 million (up 20.9 percent), Georgia - $110.7 million (up 25 percent), and Italy - $33.5 million (up 2.4 times).

Thus, 33.4 percent of the export of non-oil products accounted for Russia.

In August alone, non-oil exports totaled $144.4, which is 15 percent or $19 million more than in August last year.

In general, exports totaled $13.5 billion in January-August 2019, which is 633 million or five percent more than the same period last year.

Azerbaijan's non-oil exports reached $1.7 billion in 2018, which is 10 percent or $151 million more compared to 2017.

At present, oil and gas account for the main share in Azerbaijan's export, although export of non-oil products shows an upward trend.

Opening of Azerbaijani trade houses abroad and organization of export missions to foreign countries to promote the Made in Azerbaijan brand in foreign markets have further developed the share of non-oil products in the structure of country’s exports.

The steps made for diversification of the economy and the state program “Socio-economic development of regions of Azerbaijan in 2014-2018” made huge contribution to the non-oil sector, because main potential for production of non-oil products is concentrated in the regions of Azerbaijan.

In addition, the increasing number of plants operating in the non-oil sector promises very good prospects for Azerbaijan to diversify economy, reduce dependency on oil and gas sector and increase the inflow of foreign currency into the country.

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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888

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