CESD: Azerbaijani export’s reliance on oil revenue dreadfully augmented

CESD:  Azerbaijani export’s reliance on oil revenue dreadfully augmented

Azerbaijani non-oil export is only 61 % of Georgian export

In January-September of this year Azerbaijan’s foreign trade made up $26.615bn, according to sources in the State Customs Committee. In nine months goods export from the country hit $19.945bn, making it a growth of 26.03% over January-September. Import amounted to $6.87bn, which is also higher than in January-August of the last year by 51.12%. In January-September, Azerbaijan exported 1842 types of goods and imported 5800 types.

Oil and oil products constituted 92 % of Azerbaijan’s export by results of January-September, according to CESD sources.  Only 8 % of export is non-oil products CESD concerned over Azeri export’s reliance on oil revenue since oil continued to dominate  in Azerbaijan’s exports accounting for 92 0% of all exports as  of October 01 despite efforts to diversify Azerbaijan’s  economy away from oil.  Center experts mentioned that export of goods made up $21.324bn and import $6.599bn in 2010.  It means non-oil sector contribution to Azerbaijani export was $ 1, 7 billion last year which was lower than Georgian export ($ 2, 46 billion). In fact, Azerbaijani non-oil export is 39 % lower than Georgian total export that shows increasing of total export volume of Azerbaijan is not sustainable.

 

© CESD


 

Leave A Comment