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Foreign trade figures of Azerbaijan

Foreign Trade in Figures

Trade represents 84% of Azerbaijan's GDP (World Bank, latest data); however, its foreign trade still relies heavily on the ex-Soviet bloc countries, especially Russia. Oil and gas represented over 91.5% of the country's exports in 2023. The remaining part comprised food and live animals (2.5%) and chemicals and related products (2.1%). On the other hand, imports are more diversified and mainly comprise machinery and transport equipment (36.4%), manufactured goods classified chiefly by material (15.4%), food and live animals (12.3%), mineral fuels, lubricants, and related materials (11.5%), chemicals and related products, not elsewhere specified (11% - data State Statistical Service).

In 2023, Italy was by far Azerbaijan's main export destination, accounting for 44.9% of total exports due to increased gas supplies. Other major export partners were Türkiye (15.8%), Israel (4.1%), Greece (4.0%), India (3.6%), and Tajikistan (3.5%);  while the main import partners were Tajikistan (18.3%), China (17.5%), Türkiye (13.3%), Germany (5.3%), and the U.S. (5.1% - data State Statistical Committee).

As per the WTO, Azerbaijan’s exports stood at USD 33.9 billion in 2023, down by 11.1% y-o-y amid lower hydrocarbon prices; whereas imports totalled USD 17.2 billion (+18.8%). As per services, exports increased by 23.4% to USD 6.2 billion, with imports following a slower pace (+11.5%), at USD 8.6 billion. The total external trade balance was positive by 14.5% of GDP, according to the World Bank, from a peak of 33% in 2022. According to preliminary figures from the State Statistical Committee, in January-November 2024, the country's foreign trade turnover totalled USD 42.81 billion. Exports accounted for USD 24.04 billion (56.2%), and imports for USD 18.77 billion (43.8%), resulting in a positive trade balance of USD 5.27 billion. Compared to the same period in 2023, trade turnover increased by 1.1% in nominal terms and 3.1% in real terms, with exports falling by 5.4% and imports rising by 0.6%.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 13,66810,73211,70314,54017,285
Exports of Goods (million USD) 19,63513,73322,20838,14733,899
Imports of Services (million USD) 6,3775,5556,0137,7658,658
Exports of Services (million USD) 3,7612,6263,8025,0676,257

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 85.872.076.387.083.6
Trade Balance (million USD) 8,5332,51211,27428,69712,806
Trade Balance (Including Service) (million USD) 5,746-4189,06226,00010,471
Imports of Goods and Services (in % of GDP) 36.836.429.827.034.6
Exports of Goods and Services (in % of GDP) 49.135.646.560.049.0

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) -15.010.5-6.3-2.4-4.0
Volume of imports of goods and services (Annual % change) -6.23.2-2.9-1.8-2.1

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Azerbaijan is a member of the main international organizations such as the World Bank. The Republic of Azerbaijan is also a member of the Asian Economic Cooperation Organization.
 

Main Partner Countries

Main Customers
(% of Exports)
2023
Italy 44.9%
Türkiye 15.8%
Israel 4.1%
Greece 4.0%
India 3.6%
See More Countries 27.5%
Main Suppliers
(% of Imports)
2023
China 17.5%
Türkiye 13.3%
Germany 5.3%
United States 5.1%
Turkmenistan 4.0%
See More Countries 54.9%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

33.9 bn USD of products exported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 47.9%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 40.4%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 1.7%
Electrical energyElectrical energy 1.2%
Polymers of propylene or of other olefins, in...Polymers of propylene or of other olefins, in primary forms 0.6%
See More Products 8.3%
17.3 bn USD of products imported in 2023
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 8.8%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 6.2%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 3.1%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 2.8%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.6%
See More Products 76.5%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

6.4 bn USD of services exported in 2022
64.08%
18.45%
12.85%
2.10%
0.76%
0.55%
0.33%
0.32%
0.24%
0.21%
0.05%
0.05%
7.8 bn USD of services imported in 2022
40.75%
24.11%
15.24%
11.50%
2.61%
2.55%
1.24%
0.99%
0.41%
0.26%
0.19%
0.14%

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: May 2025