Number of local exporters jumps by 20pct in 1Q17

By Azernews

By Amina Nazarli

The number of exporting companies in Azerbaijan increased by 20 percent in the first quarter of 2017.

Vusal Gasimli, Executive director of the country’s Center for Analysis of Economic Reforms and Communications said at the financial and investment forum in Baku held on May 6.

The forum was attended by about 500 representatives of the financial market. The event participants examined the prospects for the development of financial markets, financing strategies, tax policy and other issues.

He noted the first quarter showed positive results for the economy and its growth resumed.

"It is gratifying that the economic growth was ensured thank to the real sector, in particular trade. This January-March, non-oil exports increased by 11.8 percent," Gasimli added.

The executive director of the center noted that such indicators were achieved thanks to restraining inflation and stabilizing the manat rate.

"Due to the combination of fiscal and monetary policies, we managed to stabilize the exchange rate of the manat. The volatility of the exchange rate is now under full control," he said.

The stability of the manat rate, Gasimli added, allows companies to make forecasts about their business.

In the first quarter of 2017, the non-oil sector of Azerbaijan’s economy grew by 2.4 percent. The trade turnover increased by 15 percent, exports saw a nearly 50 percent growth and imports fell by 17 percent.  The exports of agricultural products increased by 44 percent.

Development of the non-oil sector is a priority area in Azerbaijan. The government efforts to stimulate non-oil exports, in particular through its ‘Made in Azerbaijan’ promotion, are expected to catalyze growth in agriculture.

The country currently ranks the 57th among 113 countries of the world according to the Global Food Security Index 2016, while the highest scores are recorded on such indicators as the presence of food safety net programs, low level of food loss, food safety, access to financing for farmers.