Azerbaijan is looking for new markets: where will exports go instead of Russia?

"In 2024, Azerbaijan's non-oil exports amounted to approximately 3.4 billion dollars, with more than 50 percent of these exports going to two countries - most of the products were sent to Russia and Turkey".

This statement was made by deputy Vugar Bayramov in his commentary for BAKU.WS.

According to him, the fact that more than 50 percent of non-oil exports go to two countries indicates the need for export diversification and entry into new markets:

"About 35 percent of our non-oil export products go to Russia. Out of every 100 dollars worth of non-oil goods that we export during the year, 35 dollars are directed specifically to the Russian market.

Diversification of markets and supplying products to new countries is extremely important. In this context, for Azerbaijan, in terms of strengthening the sustainability of non-oil exports, access to both European Union markets and Gulf countries is particularly important. These markets, on the one hand, have high purchasing power, on the other hand, they are stable, and also provide access for Azerbaijani non-oil products to new markets through the introduction of new standards. Therefore, both statistics and events in the region once again confirm that opportunities to enter new markets and diversification of non-oil exports are a priority".