Azerbaijan increased exports of polyethylene by 71 percent year-on-year in nominal terms to $21.7 million, the Center for Analysis of Economic Reforms and Communications reported.

In March, it increased the export by 45.5 percent year-on-year to $6.4 million.

Azerbaijan produces high-density polyethylene as well as polypropylene, carbamide, methanol and other petrochemicals.

Plummeting global oil prices seven years ago sent the former Soviet energy producer’s economy into decline, devalued its currency and led to bankruptcies among its commercial banks.

But lessons appear to have been learned as Azerbaijan has sought additional sources of revenue, investing in petrochemical plants at home and abroad as it chases the bigger margins from turning crude oil into plastics rather than oil products.