Azerbaijan's Non-Oil And Gas Export Structure Diversification Remains Priority - Expert

(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 29. In the first twomonths of 2024, Azerbaijan's foreign trade turnover totaled $6.4billion, with exports at $3.98 billion and imports at $2.44billion, reflecting a 23.5 percent decrease in actual prices and a15 percent decline in real terms, including a 19.9 percent decreasein imports and a 12.7 percent decrease in exports, a member of theCommittee for Economic Policy, Industries, and Enterprising ofMilli Majlis (Parliament) of Azerbaijan, Vugar Bayramov, said,Trend reports.

According to him, exports of non-oil and gas products amountedto $455 million compared to the same period last year, decreasingby 30.1 percent in actual prices and by 36.9 percent in realterms.

"Notably, in the first two months of this year, there was littledeviation in world market prices for oil compared to thecorresponding period last year, with Brent crude prices hoveringaround $82.5 in January 2023 and $82.8 in February, and fluctuatingbetween $80.12 and $83.48 in the same months this year. The averageprice for the first two months of 2023 was $82.65, slightly lowerthan the $81.8 average for the same period this year.

It seems that the world oil market price hasn't significantlyinfluenced the decline in trade; however, a reduction in oilproduction by 6.7 percent has contributed to an overall decrease intrade turnover. Oil and gas exports, which constitute about 90percent of Azerbaijan's exports, have seen a decline, whiledecreased imports can be attributed to seasonal factors and newgovernment procurement regulations.

Furthermore, reduced exports of electricity and alcoholic andnon-alcoholic beverages have impacted total non-oil exports. Giventhe importance of economic diversification, prioritizing thediversification of non-oil and gas exports and export marketsremains crucial," Bayramov said.

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