National exports hit $22.2bn in 2021
By Ayya Lmahamad
Azerbaijan's exports totaled $22.2 billion, with the non-oil sector accounting for $2.7 billion in 2021, the Center for Economic Reforms Analysis and Communication of Azerbaijan has reported.
In 2021, non-oil exports increased by $870 million or 47.2 percent, compared to the corresponding period of 2020. Of the total non-oil exports, food products' export increased by $22.9 million and amounted to $630.4 million.
Meanwhile, during the reported period, exports of cotton yarn increased by 3.1 times, chemical products by 2.9 times, ferrous metals and their products by 2 times, aluminum and aluminum products by 66.2 percent, cotton fiber by 58.3 percent, sugar by 19.3 percent.
Moreover, in December, the country's exports totaled $2.4 billion. Non-oil exports increased by 73.9 percent to $353.6 million.
Additionally, during the reported month, food exports increased by 38.7 percent and amounted to $101.5 million, while non-food exports increased by 93.7 percent and amounted to $252.1 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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