Minister: National non-oil exports up by 59 pct

By Azernews

By Ayya Lmahamad

Economy Minister Mikayil Jabbarov has said that Azerbaijan's exports in the non-oil sector increased by 59 percent in January 2022.

He added that the country's total exports increased by 90.1 percent, compared to the same month of 2021.

"This is a prosperous result of the continued diversification of the country's economy and the promotion of local entrepreneurs' access to foreign markets," he wrote on his official Twitter page.

The minister also noted that the share of circulating cash in the broad money supply in manats decreased from 60.1 percent in 2017 to 45.8 percent in 2021.

"The decline in the use of cash is an important indicator of the volume of the 'shadow' economy," he wrote.

Last month, the country's trade turnover amounted to $4 billion. Of the total turnover, export amounted to $3 billion or 76 percent, while import was $974.8 million or 24 percent, resulting in a surplus of $2.1 billion.

Earlier it was reported that Azerbaijan increased the volume of production in the non-oil and gas sector by 24.1 percent in January 2022.

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.