Azerbaijan's non-oil exports decline in early 2024

In the first half of 2024, Azerbaijan saw a notable decline in its non-oil exports, which totalled $1.7 billion, down by 5.6% compared to the same period in 2023.

This information was provided by the Center for Analysis of Economic Reforms and Communications, Caliber.Az reports.

While overall non-oil export figures decreased, food product exports experienced a slight growth of 3.1%, amounting to $474.2 million. Tomatoes emerged as the leading non-oil export, with a value of $136.95 million, representing a 13.5% increase from the previous year.

Other key non-oil export categories showed mixed results. Raw cotton saw a significant rise, with exports reaching $116.8 million, reflecting a 1.7-fold increase. In contrast, gold exports fell to $57.96 million, a 4.2% decrease due to fluctuating market conditions. Aluminium plates experienced a substantial increase, with exports rising to $53.7 million, marking a 2.6-fold growth. Urea exports also grew, reaching $52.6 million, a 1.6-fold increase driven by higher agricultural demand.

Electricity exports, however, plummeted to $51.1 million, reflecting a 6.2-fold decrease, likely due to reduced regional energy needs. Hazelnut exports slightly decreased to $56.97 million, impacted by fluctuating market prices and harvest volumes. Virgin propylene copolymers saw an increase, with exports rising to $48.1 million, reflecting a 10.1% rise in industrial demand. Methanol exports also fell to $45.9 million, a 1.9% decrease influenced by shifting global chemical markets.

For context, Azerbaijan's non-oil exports totalled $3.3 billion in 2023, marking a 9.8% increase from 2022.