Annual value of Azerbaijan’s non-oil exports may reach $5B

Azerbaijan, as part of the National Export Strategy covering 2020-2026, can bring the annual value of non-oil exports to $4.8 billion to 5 billion, acting president of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) under the Ministry of Economy Yusif Abdullayev told Report.

“Since the beginning of this year, the value of Azerbaijan’s non-oil exports, compared to the same period last year, has grown by a record 40% and exceeded $2 billion. Naturally, the rise in prices for goods in the world market played a positive role in the growth. We want to support this trend. We expect that by the end of this year we will achieve non-oil exports in the amount of $2.6-2.7 billion. As part of the National Export Strategy, we plan to increase non-oil exports by 85% until 2026 compared to 2021, and bring it to $5 billion,” he said.

According to Abdullayev, the National Export Strategy also provides for the diversification of the export of non-oil products: “This process will cover a very wide range of markets.”