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. 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.