Azercosmos sees increase in export revenues

Azerbaijani satellite operator Azercosmos has significantly increased its export revenues by adding three more countries to its export network.

Azercosmos, functioning under the Ministry of Digital Development and Transport of Azerbaijan, rendered satellite telecommunications and optical satellite services to 33 countries worth $10.8 million from January to May 2022, Caliber.Az reports, citing the recently-released "Export Review" of the Center for Analysis of Economic Reforms and Communications.

The review reads that the given figure is $6.5 million or 37.7 per cent more than in the same period last year.

In the first five months of this year, the major purchaser of Azercosmos’ services was the UK ($2.8 million), France ($2.2 million), the US ($1.8 million), Luxembourg ($1.8 million) and Pakistan ($600,000).

Meanwhile, the company’s revenues from services rendered to overseas markets accounted for 87 per cent of total income, down 3 per cent year on year.

In May 2022, Azercosmos exported services to 31 countries for $2.3 million, having added to its customer chains 9 more countries. This figure was $200,000 or 8 per cent less as compared to the same month of last year.