Azerbaijan boosts non-oil exports by 25.4pct

By Ayya Lmahamad

Azerbaijan’s non-oil exports increased by $184 million or 25.4 percent in January-May 2021, the Centre for Economic Reforms Analysis and Communication of Azerbaijan has reported.

During the reported period, the country’s total exports amounted to $8 billion, while the non-oil imports were $907.6 million.

Moreover, exports of fruits and vegetables amounted to $206.1 million, cotton fiber to $109.3 million, aluminum and aluminum products to $57.9 million, ferrous metals and its products to $39.7 million, cotton yarn to $17.8 million, chemical products to $19.2 million, sugar to $16.3 million, oil to $13.8 million, alcoholic and soft drinks to $5.8 million and tea to 3.7 million during the first five months of the year.

Azerbaijan’s total exports amounted to $1.6 billion, and exports in the non-oil sector were worth $210.5 million in May 2021.

During the reported month, non-oil exports increased by $38 million or 22 percent, compared to the same month of last year. In addition, exports of food products in the non-oil sector amounted to $85.4 million, while non-food products to $125.1 million.

Despite the decline in food exports in May 2021, non-food exports increased by 55.8 percent.

The main drivers of non-food production growth in May were fertilizer, food industry residues and wastes, animal feed, cotton, ferrous metals, lead, aluminum and aluminum products, excluding land vehicles, railroad and tramway vehicles, their parts and accessories, etc.

Additionally, the main reason for the decline in food production in May was the reduction in exports of fruits and vegetables.

Sustainable diversification of the economy is one of the main tasks in the country’s economy with the volume of export of non-oil goods scheduled to double by 2025.