National exports hit $16.8bn in Jan-Oct 2021

By Azernews

By Ayya Lmahamad

Azerbaijan's exports totaled $16.8 billion, with the non-oil sector accounting for $2.05 billion in January-October 2021, the Center for Economic Reforms Analysis and Communication of Azerbaijan has reported.

In the first ten months of 2021, non-oil exports increased by $607.2 million or 42 percent, compared to the corresponding period of 2020. Of the total non-oil exports, food products' export increased by 3.2 percent and amounted to $582.2 million.

Meanwhile, during the reported period, non-oil exports of ferrous metals and their products increased by 3.2 times, copper and its products by 2.2 times, cotton by 87.6 percent, organic chemical compounds by 40.6 percent, sugar and confectionery by 59.2 percent, aluminum and aluminum products by 61.7 percent and precious metals and their products by 4.3 percent.

Moreover, in October, the country's exports totaled $2.2 billion. Non-oil exports increased by 50.4 percent to $244.6 million.

Additionally, during the reported month, food exports amounted to $76.5 million, while non-food exports doubled and amounted to $168 million.

Earlier, Azerbaijan's Economy Minister Mikayil Jabbarov noted that the country's non-oil exports are predicted to exceed $2 billion by late 2021. He also stated that 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’s 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.