STATE SUPPORT FOR FOREIGN TRADE DIVERSIFICATION OF AZERBAIJAN

Abstract

Global trade, already since the end of 2019, has fallen sharply due to the coronavirus pandemic and the restrictions adopted in connection with it. Then, due to the fall in prices on the world oil market, which is the main source of formation of the state budget of the country, there was a sharp drop in revenues, difficulties arose in financing the development of more important areas of the Azerbaijani economy. Problems were especially manifected in improving the socio-economic well-being of the population, indeveloping the infrastructure of the regions, in the industrial sector of the country in the context of improving the technologies used in production activities of domestic enterprises. In fact, the decline in oil prices forced all oil states and enterprises of various vocational orientations to a sharp transition from active economic activity to passive. New mechanisms and reforms are needed to diversify the national economy, since there are a number of problems that impede the implementation of this process and the expansion of the country's foreign economic activity. The article discusses the priority areas of diversification of Azerbaijan's foreign trade, studies the problems, analyzes the volume of exports and imports of the republic by years.