WB: Azerbaijan's non-hydrocarbon exports increase by 51%

In November 2021, Azerbaijan's trade surplus increased with the growth in exports exceeding imports, Report informs with reference to the World Bank.

According to the WB, in November, Azerbaijan's hydrocarbon exports increased by 34% compared to October, more than 3 times compared to November of the previous year due to the low base effect.

Azerbaijan's main exports were fruit, raw cotton, fertilizer and gold. During this period, non-hydrocarbon exports increased by 51% year on year. Imports increased by 17% with the recovery of domestic demand and rising import prices.

From the beginning of 2021 to the end of November, Azerbaijan's exports increased by 51.6% year-on-year and imports by 7.5% year-on-year, creating a trade surplus of 19.8% of GDP.

In the first nine months of last year, the balance of payments amounted to 6.6% of GDP, significant current account surplus (11% of GDP) was partially offset by financial outflows (4% of GDP in the financial account).