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Research background:  The Caspian region with rich hydrocarbons and a favorable location has always been in the attention of researchers. Large oil reserves of the Caspian countries - Azerbaijan, Russia and Kazakhstan - have become an object of interest for world business. These countries have much in common: they were part of a Soviet Union for 70 years. However, during the period of market reforms, the Caspian countries turned out to be uncompetitive in both domestic and foreign commodity markets, the commodity structure of exports was significantly degraded, and its raw orientation increased.   Purpose of the article:  The main objective of the study is to reveal the problems of diversification of commodity exports of the Caspian countries, a comparative analysis of the structure of their commodity exports in the context of the development of the globalization of the world economy and the intensification of international competition.   Methods:  We used the methods of comparative analysis of the export structure of Azerbaijan, Kazakhstan and Russia by main product groups, by top-five goods. To determine the level of diversification and export concentration, the Herfindahl-Hirschman index and the export concentration index were used.   Findings &amp; Value added : The calculations of the Herfindahl-Hirschman index show a low level of export diversification in these countries, especially in Azerbaijan. The export concentration index showed that the top-five of exported goods are mainly natural raw materials. In the non-oil sector, in all three countries, unproductive and not-tradable sectors: construction, trade and transport prevail.

Export diversification in conditions of globalization: a comparative analysis of Azerbaijan, Kazakhstan and Russia