THE ROLE OF FOREIGN TRADE IN THE ECONOMICAL GROWTH OF THE DEVELOPING COUNTRIES: CASE OF AZERBAIJAN
Journal Name:
- Khazar Journal of Humanities and Social Sciences
Key Words:
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Abstract (2. Language):
In order to develop countries have to provide machinery, equipment and some raw materials and some part of their consumer goods in return for their foreign trade. In other words, the amount of income from foreign trade will determine the volume of import for a certain year.
Rise in export will increase the national income and as a pioneer sector it will make a contribution to the development of other sectors depending on the development of export.
If we analyse the export structure of Azerbaijan, we can see that the export relies on several raw materials as seen in oil exporting countries. It is our belief that import has an important role in the Azerbaijan Economy especially in the rise of export in recent years. Namely, bringing in all the signed oil contracts requires from the government to import largely capital goods. According to the result of the econometric model, there is a close relation between economic growth and import in the Azerbaijan Economy.
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