Azerbaijan’s non-oil exports increased by $1.1 billion or 27.1 percent in January-June 2021, the Center for Economic Reforms Analysis and Communication of Azerbaijan has reported.
During the reported period, exports of sugar increased by 2.5 times, ferrous metals and its products by 2.4 times, cotton yarn by 2.4 times, cotton fiber by 2.1 times, aluminum and aluminum products by 49 percent.
As a result of the comprehensive measures taken in the country, it was possible to reduce the negative impact of the coronavirus (COVID-19) pandemic on non-oil exports and achieve a dynamic increase in exports.
Earlier it was reported that in the first five months of the year, the volume of Azerbaijan’s exports amounted to $8 billion, including $907.6 million in the non-oil sector. Thus, the volume of non-oil exports increased by $184 million or 25.4 percent. In the list of non-oil exports, cotton yarn ranked first with $108.6 million, followed by gold with $87.4 million and tomatoes with $87 million.
Earlier, the country’s economy minister has said that the increase in non-oil products export is an indicator of the sustainability of the Azerbaijani economy, even during the pandemic.
The minister earlier announced that Azerbaijan’s business environment was entering a recovery period after the coronavirus pandemic, adding that the country’s business environment will be further improved. He stated that the measures would be taken to achieve SMBs’ significant share in GDP, promote their participation in public procurement and boost business transparency.
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 export of non-oil goods is planned to double by 2025.
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