Government reveals forecasts for exports in 2018

Azerbaijan will export products worth $13.4 billion next year, according to the forecasts of the Azerbaijani government.

This follows from the presentation of the state and consolidated budgets for 2018 and the next three years.

Imports of foreign products are expected at the level of $5.4 billion in 2018. As a result, the government predicts a surplus of $8 billion.

"The processes taking place in the world form a favorable external environment for the economy of Azerbaijan. Despite the uncertainty with oil prices in the medium term, the growth of the global economy is recovering and trade is growing, which on the one hand excludes the possibility of a sharp drop in oil prices, and on the other, creates conditions for diversifying the Azerbaijani economy and increasing nonoil exports," the document said.

Azerbaijan has conducted a comprehensive work aimed to increase the volume of exports and promote the national ‘Made in Azerbaijan’ brand in the past several years.

For the same purposes, an extensive work on organizing export missions, involving local entrepreneurs in various foreign exhibitions, issuing export promotion certificates, appointing of sales representatives in foreign countries as well as other measures is being carried out.

In total, within the promotion of the ‘Made in Azerbaijan’ brand export missions were organized to China, the UAE, Germany, Pakistan, Qatar, Kazakhstan and Afghanistan.

As of today, 92 trademarks of Azerbaijan are protected under the ‘Made in Azerbaijan’ brand, while the country’s total outputs nears 250 kinds of products in food, light, heavy and construction industries. The brand is highly successful in regional and world markets, and Azerbaijan’s local output meets all the necessary standards.

Azerbaijan increased non-oil exports by 30 percent in January-August 2017 compared to the same period of 2016. Export of agricultural products increased by 37 percent, while export of industrial products increased by 25.4 percent. Along with rising exports, the range of products delivered abroad is expanding – during the year, this figure rose by 16.6 percent.

According to the State Customs Committee of Azerbaijan, the country's trade turnover in January-September 2017 amounted to 14.3 billion dollars, which is 7.92 percent less than in the same period last year. Azerbaijan's exports for the same period amounted to $8.14 billion and imports - $6.18 billion.