(MENAFN- AzerNews) By Leman Mammadova
Azerbaijan strengthens the position of non-oil sector in the total exports of the country in a bid to diversify its economy.
Azerbaijan exported non-oil products worth $ 1.4 billion in January-September 2019, which is 17 percent higher than the same period in 2018, the Center for Analysis of Economic Reforms and Communication reports.
The bulk of exports accounted for tomatoes - $142.3 million, gold - $120.8 million and peeled hazelnuts - $87.9 million.
The list is followed by raw cotton - $85.5 million, electricity - $62.9 million, polyethylene - $57 million, polypropylene - $53.6 million, methanol - $53.5 million, and untreated aluminum - $42.2 million.
In the reporting period, the five major countries in import of Azerbaijani non-oil products included Russia ($465.6 million), Turkey ($304 million), Switzerland ($125.4 million), Georgia ($123.2 million) and Italy ($34.4 million). Thus, 33 percent of the export of non-oil products accounted for Russia.
Non-oil exports to Russia increased up to 15.8 percent, Turkey 10.3 percent, Switzerland 19.2 percent, Georgia 26.5 percent and Italy - 2.2 times.
As for September, the value of non-oil exports reached $136 million, which is $22 million or 19 percent more than compared to September 2018.
The largest part of non-oil products were exported to Russia in the amount of $38.5 million, Turkey-$25.4 million, Switzerland-$13.9 million, Georgia-$12.5 million and China at $5.4 million.
Azerbaijan's non-oil exports reached $1.7 billion in 2018, which is 10 percent or $151 million more compared to 2017.
At present, oil and gas account for the main share in Azerbaijan's export, although export of non-oil products shows an upward trend.
Opening of Azerbaijani trade houses abroad and organization of export missions to foreign countries to promote the Made in Azerbaijan brand in foreign markets have further developed the share of non-oil products in the structure of country's exports.
The steps made for diversification of the economy and the state program 'Socio-economic development of regions of Azerbaijan in 2014-2018 made huge contribution to the non-oil sector, because main potential for production of non-oil products is concentrated in the regions of Azerbaijan.
Meanwhile, the increasing number of plants operating in the non-oil sector promises very good prospects for Azerbaijan to diversify economy, reduce dependency on oil and gas sector and increase the inflow of foreign currency into the country.
MENAFN3110201901950000ID1099204297
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.