Azerbaijan’s non-oil exports excluding non-monetary gold reached $3.6 billion in January-October, rising 20.8% year on year, the Center for Analysis of Economic Reforms and Communication reported.
October shipments amounted to $414.2 million, up 23%. Agricultural and agro-industrial exports reached $1.2 billion over the ten months, an increase of 16.7%.
Why the gold exclusion matters
Removing gold allows other export products to be considered separately. But this measure is not the complete non-oil export total and should not be compared directly with figures that include gold.
A rise in export value also does not establish an equivalent increase in physical shipments. Dollar receipts reflect volumes, prices and the product mix. Assessing the durability of export growth requires those factors to be examined separately.