BAKU, Azerbaijan, April 4. Turkey ranked ahead of Russia in the Azerbaijani non-oil products’ imports from January through February 2022, Nijat Hajizade, department head at the Azerbaijani Center for Analysis of Economic Reforms and Communications, told Trend.
According to Hajizade, this isn’t connected with the geo-economic conflict, because economic restrictions have been imposed only since March.
The Azerbaijani export of non-oil products to Turkey is more diversified and profitable compared to Russia, the expert said.
"Azerbaijan mainly exports rubber and plastic products, chemical products, ferrous metals, copper, nickel, aluminum and products made from them, leather, mineral and chemical fertilizers, and methanol to Turkey. At the same time, the majority of Azerbaijani exports to Russia account for fruits and vegetables," he noted.
The department head reminded that the prices of a number of goods exported to Turkey rose in the second half of 2021 due to an increase in energy prices and costs, as well as disruptions in the supply chain.
"As a result, the range of the industrial products exported to Turkey has become wider and more diverse, and their added value higher compared to the added value of fresh fruits and vegetables. Besides, the world market prices for the industrial products have grown even more due to inflation," Hajizade also said.
At the same time, he stressed that the geopolitical conflict that began in 2022 aggravated inflation in global markets.
"Economic and financial instability in Russia, a major trading partner of Azerbaijan, has led to a change in the growth rates of a number of economic organizations,” the center’s representative pointed out. “According to the latest estimates from The Economist Intelligence Unit, the conflict situation will affect the economies of the G7 countries, and the Russian economy will shrink by 10.1 percent in 2022.”
According to him, the conflict will affect the economy of Azerbaijan, especially its foreign trade indicators.
"Azerbaijan's non-oil exports to Russia and the purchasing power of households are decreasing, while access for businessmen to the international value chain is becoming limited," added Hajizade.
From January through February 2022, Azerbaijan exported non-oil products worth $82.7 million to Turkey, while the products exported to Russia amounted to $48 million.
