Xifres de comerç exterior d'Azerbaidjan

Foreign Trade in Figures

Trade represents 72.2% 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 95% 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 (30.4%), Turkey (18.9%), Russia (5.2%) and Greece (3.8%) while main import partners are Russia (18.3%), Turkey (14.6%), China (13.2%) and the U.S. (5.9% - COMTRADE 2020 data). Turkish-Azeri trade is estimated at around USD 4.5 billion, with both countries' governments targeting to raise total trade to USD 15 billion. Bilateral trade with Russia reached USD 2.9 billion for the January-November period of 2021, marking an increase above 10% year-on-year.

According to WTO data, in 2020, Azerbaijan exported goods with a total value of USD 13.4 billion, while imports reached USD 10.7 billion. Exports of services amounted to USD 2.6 billion, and imports amounted to 5.4 billion. Following an unprecedented drop in exports, the total external trade balance was negative by 0.8% of GDP according to the World Bank (via-à-vis positive balance of almost 12.3% one year earlier). The latest data from the State Customs Committee shows that in 2021, Azeri exports stood at USD 22.207 billion, with imports totalling USD 11.706 billion. Compared to the previous year, exports increased by 61.6% and imports by 9.1%. As a result, the foreign trade balance returned positive, with a surplus of USD 10.501 billion.