Azerbaidjan flag Azerbaidjan: Visió econòmica i política

Xifres de comerç exterior d'Azerbaidjan

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. Primary imports in Azerbaijan include iron and steel, machinery, vehicles, and predominantly meat and dairy food products. 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 (46.6%), Türkiye (9.3%), Israel (4.4%), India (4.4%), and Greece (3.6%), while the main import partners are Russia (18.8%), Türkiye (15.8%), China (14.4%), Germany (4.5%), and Turkmenistan (3.5% - data Comtrade 2022). As per the Azerbaijani State Customs Committee, trade with Russia increased by 17.5% y-o-y in 2023.

As per the WTO, Azerbaijan saw a significant surge in foreign trade of goods in 2022, with a 55.4% increase amounting to USD 52.7 billion. Simultaneously, the nation recorded a notable rise in total net exports, witnessing a 71.6% year-on-year increase to USD 38.1 billion, along with imports rising by 23.9% to USD 14.5 billion. Exports of services amounted to USD 6.4 billion, against 7.7 billion in imports. The total external trade balance was positive by 33% of GDP in 2022, according to the World Bank. In January-December 2023, Azerbaijan's total exports amounted to USD 33.9 billion, as indicated by the Center for Analysis of Economic Reforms and Communication. Moreover, Azerbaijan experienced a 9.8% increase in non-oil exports in 2023 compared to the corresponding period of the previous year, reaching USD 3.3 billion. The combined export value of agricultural and agro-industrial products surged by 6.2% to reach USD 969.2 million. Notably, the value of agro-industrial products, a substantial component of non-oil/gas exports, increased by 3.2% to USD 201 million.

 
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 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) -29.4-0.35.0-1.80.7
Volume of imports of goods and services (Annual % change) 2.91.11.30.5-0.0

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)
2023
Türkiye 15.8%
Israel 4.1%
Greece 4.0%
India 3.6%
Russia 3.5%
See More Countries 68.9%
Main Suppliers
(% of Imports)
2023
Russia 18.3%
China 17.5%
Türkiye 13.3%
Germany 5.3%
United States 5.1%
See More Countries 40.5%

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

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Actualitzacions: April 2024

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