Minister: Non-oil exports up by 47.2 pct
By Ayya Lmahamad
Export of non-oil products has increased by 47.2 percent, and reached the highest historical figure in 2021, Azerbaijan Economy Minister Mikayil Jabbarov wrote on his official Twitter page on February 14.
He noted that the expansion of the production of competitive products in Azerbaijan has a positive impact on non-oil exports.
The minister also stated that along with the rise in oil prices in 2021, the high growth rate in the export of non-oil products in Azerbaijan has led to positive dynamics in the foreign trade balance.
"Last year, this figure increased 3.5 times and amounted to $10.5 billion," he wrote.
The State Statistics Committee earlier reported that the volume of Azerbaijan’s foreign trade turnover amounted to $35.5 billion in 2021, with exports accounting for $23.8 billion. Exports of non-oil and gas products increased by 47.2 percent in an actual term, and by 38.4 percent in real terms, compared to 2020, and amounted to $2.7 billion.
Earlier, Mikayil Jabbarov 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 is 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.
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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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