National exports hit $19.8bn in Jan-Nov 2021
By Ayya Lmahamad
Azerbaijan's exports totalled $19.8 billion, with the non-oil sector accounting for $2.4 billion in January-November 2021, the Center for Economic Reforms Analysis and Communication of Azerbaijan has reported.
In the first 11 months of 2021, non-oil exports increased by $720.8 million or 44 percent, compared to the corresponding period of 2020. Of the total non-oil exports, food products' export increased by $258.8 million and amounted to $549.8 million.
Meanwhile, during the reported period, exports of cotton yarn increased by 3.4 times, ferrous metals and their products by 2.3 times, chemical products by 2.7 times, cotton fiber by 70.2 percent, sugar by 29.8 percent, aluminum and aluminum products by 69.3 percent.
Moreover, in November, the country's exports totalled $2.9 billion. Non-oil exports increased by 58.7 percent to $307.2 million.
Additionally, during the reported month, food exports increased by 1.6 percent and amounted to $98.9 million, while non-food exports increased by 2.2 times and amounted to $208.3 million.
Earlier, Azerbaijan's Economy Minister Mikayil Jabbarov noted that the country's non-oil exports are predicted to exceed $2 billion by late 2021. He also stated that a rise in the non-oil products export is an indicator of the Azerbaijani economy's sustainability, even during the pandemic.
The task is set of sustainable diversification of the economy, and in this regard, it’s planned to develop a concept that will contribute to the growth of non-oil exports. The volume of the non-oil goods' export is planned to double by 2025.
Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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