Azerbaijan flag Azerbaijan: Economic and Political Overview

Foreign trade figures of Azerbaijan

Foreign Trade in Figures

Trade represents 77% 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 represent over 90% of the country's exports. A significant part of the country's imports is made of capital goods, from machinery and vehicles to electrical equipment. Its oil and especially gas reserves provide the country with a degree of confidence for the coming years, but economic diversification remains a major problem to tackle. Other challenges include promoting more economic cooperation and openness and reducing the power of monopolies.

Azerbaijan's main export destinations are Italy (41.6%), Turkey (12.7%), Russia (4.1%) and Israel (4%) while the main import partners are Russia (17.7%), Turkey (15.8%), China (14%) and Germany (5.4% - Comtrade 2021 data). In the same year, Turkish-Azeri trade was estimated at around USD 4.6 billion, with both countries' governments targeting to raise total trade to USD 15 billion. Bilateral trade with Russia reached USD 3 billion, marking an increase of 12.1% year-on-year in 2021 (data State Statistical Committee).

According to WTO data, in 2021, Azerbaijan exported goods for a total value of USD 22.2 billion, while imports reached USD 11.7 billion. Exports of services amounted to USD 3.7 billion, against 5.9 billion in imports. After turning negative in 2020, the total external trade balance rebounded and was positive by 16.8% of GDP in 2021, according to the World Bank. The latest data from the State Customs Committee shows that in 2022, Azeri exports stood at USD 38.1 billion, with imports totalling USD 14.5 billion. Compared to the previous year, exports increased by 71.8% (thanks to the rise in global energy prices) and imports by 24.2%. As a result, the foreign trade balance was positive, with a surplus of USD 23.6 billion.

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 11,46613,66810,73211,70314,540
Exports of Goods (million USD) 20,31719,63513,73322,20838,147
Imports of Services (million USD) 6,7536,3775,4615,9187,765
Exports of Services (million USD) 4,6913,7612,6213,7956,406

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

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 91.785.872.076.387.1
Trade Balance (million USD) 9,8418,5332,51211,27427,359
Trade Balance (Including Service) (million USD) 7,7795,917-4189,06226,000
Imports of Goods and Services (in % of GDP) 37.636.836.429.827.0
Exports of Goods and Services (in % of GDP) 54.149.135.646.560.1

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) -28.06.9-2.8-1.31.9
Volume of imports of goods and services (Annual % change) -20.89.26.0-2.35.0

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)
2022
Italy 46.6%
Türkiye 9.3%
Israel 4.4%
India 4.4%
Greece 3.6%
See More Countries 31.7%
Main Suppliers
(% of Imports)
2022
Türkiye 15.8%
China 14.4%
Germany 4.5%
Turkmenistan 3.5%
Kazakhstan 3.4%
See More Countries 58.4%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

38.2 bn USD of products exported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 51.1%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 39.3%
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 1.4%
Mineral or chemical nitrogenous fertilisers (excl....Mineral or chemical nitrogenous fertilisers (excl. those in pellet or similar forms, or in packages with a gross weight of <= 10 kg) 0.5%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 0.5%
See More Products 7.2%
14.5 bn USD of products imported in 2022
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) 5.8%
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 4.8%
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) 3.5%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 3.1%
Wheat and meslinWheat and meslin 3.0%
See More Products 79.8%

Source: Comtrade, 2023. 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

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: February 2024

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