Baku, Azerbaijan, June 8
By Anvar Mammadov – Trend:
Azerbaijan should strengthen export diversification, said Deputy Economy Minister Sahil Babayev.
He was addressing the EU-Azerbaijan Business Forum in Baku June 8.
Babayev noted that despite the growth of non-oil exports, export of oil still prevails in Azerbaijan’s trade relations with foreign partners.
“Non-oil exports rose by 26 percent in the first four months of 2017,” he said. “But export of oil and oil products still accounts for 85 percent of the total volume of Azerbaijani exports. Therefore, we need to diversify our exports.”
Azerbaijan’s foreign trade operations amounted to $5.6 billion in January-April 2017, which is 11.35 percent more than in the same period of 2016, according to Azerbaijan’s State Customs Committee.