Azerbaijan Sees Significant Growth in Non-Oil Export

Azerbaijan has witnessed a substantial surge in its non-oil export sector, with a 44.8% increase in the first 7 months of 2022 compared to the same period last year. This significant growth has resulted in a total non-oil export value of $1.4 billion. The country’s non-oil export has been on the rise, driven by the government’s efforts to diversify the economy and reduce dependence on oil exports. The main drivers of this growth have been the export of agricultural products, food, and beverages. The agricultural sector has seen a significant increase in exports, with a growth rate of 27.6% in the first 7 months of 2022. The food and beverage sector has also experienced a substantial increase, with a growth rate of 34.5% during the same period. The country’s non-oil export has been boosted by the implementation of various government initiatives, including the development of agricultural clusters and the provision of financial support to farmers. Additionally, the government has been working to improve the business environment and increase the competitiveness of the non-oil sector. The growth in non-oil export has also been driven by the country’s strategic location, which provides access to major markets in Europe and Asia. The government has been actively promoting the country’s non-oil export potential, participating in international trade fairs and exhibitions. The non-oil export sector has also been supported by the private sector, with many local companies investing in the development of new products and services. The growth in non-oil export has had a positive impact on the country’s economy, contributing to the creation of new jobs and increasing the country’s foreign exchange earnings. The government has set a target to increase the non-oil export to $2 billion by the end of 2022, and is working to achieve this goal through the implementation of various initiatives and programs. The non-oil export sector is expected to continue to grow in the coming years, driven by the government’s efforts to diversify the economy and increase the competitiveness of the sector. The country’s non-oil export has the potential to become a major driver of economic growth, and the government is working to realize this potential. Overall, the growth in Azerbaijan’s non-oil export is a positive development, and is expected to have a significant impact on the country’s economy in the coming years.

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