SOCAR tops Azerbaijan's state non-oil firms with exports exceeding $300 million in 2024

The Marketing and Economic Operations Department of the State Oil Company of the Azerbaijan Republic (SOCAR) has retained its position as the leading state entity in the non-oil export sector of Azerbaijan from January through September 2024.

SOCAR exported non-oil products worth $309.7 million during this period, marking a 14% increase compared to the first nine months of 2023, Caliber.Az reports, citing the Center for Economic Reforms Analysis and Communications.

SOCAR Polymer secured the second position, with its export volume reaching $192.9 million, although this represents a 16.7% decrease.

In third place comes Azeraluminium, which increased its exports by 9.4% to $107.1 million from January through September 2024.

The remaining spots in the top ten are occupied by state companies, including AzerGold with $97.4 million (a 32.9% increase), Azerenerji with $73.7 million (a 4.5-fold decrease), Azerpambıq Agro-Industrial Complex at $42.6 million (a 2.4-fold increase), Azerbaijan Airlines with $12.7 million (a 24.4% decrease), Nakhchivan State Energy Service at $781,000 (a 10% increase), Surakhani Machine-Building Plant with $443,000 (no exports recorded during the first 9 months of 2023), and Azeripek at $291,000 (a 242.5-fold increase).

Overall, Azerbaijan's non-oil exports totalled $2.5 billion from January to September 2024, which is a 1.3% increase compared to the same period in 2023.

For information, Azerbaijan boasts a rich agricultural heritage, and its non-oil exports are heavily driven by agricultural products. The country's favourable climate and diverse landscapes contribute to the production of a variety of fruits, vegetables, and other food products.

In addition to agricultural goods, Azerbaijan's winemaking industry has gained recognition, with the production of high-quality wines that have found a place in international markets. The textile industry is also developing, leveraging local resources to produce a range of textiles and apparel for both domestic consumption and export.

The chemical and construction materials sectors are expanding, contributing to exports with a variety of manufactured goods. The country is also producing machinery and equipment to enhance productivity.

Furthermore, the growing information technology sector is increasingly exporting software and IT services.

The country has made significant strides in diversifying its economy, particularly through the export of non-oil products, in order to reduce dependence on oil and gas revenues and to promote sustainable economic growth. 

By Khagan Isayev