Azerbaijan's top non-oil exporters see major growth in 2024

Azerbaijan’s MKT Istehsalat Kommersiya LLC has topped the rankings of private sector non-oil exporters for the first nine months of 2024, according to a report from the Center for Analysis of Economic Reforms and Communication.

The company achieved a total export value of $79.4 million, marking a 20.1% increase compared to the same period last year, Caliber.Az reports.

Following closely, international cargo airline Silk Way West Airlines LLC reported $75.5 million in exports from January to September 2024, a staggering 122-fold increase from the previous year. The third place was taken by ASG Business Aviation LLC, whose export values totalled $70 million, having exponentially risen by 5,000 times compared to the same period of 2023.

Other top exporters include Baku Steel Company, with $47.6 million in exports (a decline of 17.1%); private individual Govhar Suleymanova, who achieved $34.8 million in exports, entering the market this year; Azerbaijan Sugar Production Union LLC, which saw exports grow by 1.9 times to reach $32 million; and Atena LLC, with an 8.5-fold increase totalling $28 million.

Additional notable contributors are Tabaterra CJSC with $27.5 million (up by 66.3 times), P-Aqro LLC with $25.6 million (a decrease of 10.5%), and My Vegetables LLC, which also entered the export market this year with $22 million.

Azerbaijan's non-oil exports reached a total of $2.5 billion from January to September 2024, reflecting a 1.3% increase over the same period last year, underscoring steady growth in the country’s diversified export sectors.

By Khagan Isayev