Azerbaijan's main export - oil

Chairman of the Social and Economic Development Centre of Azerbaijan Vugar Bairamov has stated that in 2010 Azerbaijan's trade turnover will be higher than in 2009. The major reason for this will be the increase in oil prices in the world market. The export prognosis is that oil prices will increase by approximately 30% this year.

As is well known more than 90% of Azerbaijan's exports are oil and oil products. By a simple calculation we can therefore assume that an oil price increase will be followed by an increase in revenues. As for non-oil exports, Azerbaijan must increase these.