Azerbaijan flag Azerbaijan: Economic and Political Overview

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 20202021202220232024
Imports of Goods (million USD) 10,73211,70314,54017,28521,053
Exports of Goods (million USD) 13,73322,20838,14733,89926,559
Imports of Services (million USD) 5,4805,9347,6888,51110,059
Exports of Services (million USD) 2,5993,7705,0326,2568,084

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

Foreign Trade Indicators 20202021202220232024
Foreign Trade (in % of GDP) 72.076.387.083.582.7
Trade Balance (million USD) 2,51211,27428,69712,8068,825
Trade Balance (Including Service) (million USD) -4189,06226,00010,4716,774
Imports of Goods and Services (in % of GDP) 36.429.827.034.536.8
Exports of Goods and Services (in % of GDP) 35.646.560.049.045.9

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20252026 (e)2027 (e)2028 (e)2029 (e)
Volume of exports of goods and services (Annual % change) 12.8-3.2-6.7-6.0-0.7
Volume of imports of goods and services (Annual % change) 10.11.22.03.53.9

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)
2025
Italy 45.3%
Türkiye 13.5%
Greece 3.3%
Bulgaria 3.2%
Czech Republic 3.0%
See More Countries 31.7%
Main Suppliers
(% of Imports)
2025
China 19.7%
Türkiye 9.6%
United States 6.1%
Switzerland 5.3%
Australia 3.7%
See More Countries 55.6%

Source: Comtrade, 2026. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

25.0 bn USD of products exported in 2025
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 48.3%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 35.2%
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 1.7%
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 1.3%
Fresh strawberries, raspberries, blackberries,...Fresh strawberries, raspberries, blackberries, back, white or red currants, gooseberries and other edible fruits (excl. nuts, bananas, dates, figs, pineapples, avocados, guavas, mangoes, mangosteens, papaws "papayas", citrus fruit, grapes, melons, apples, pears, quinces, apricots, cherries, peaches, plums and sloes) 0.9%
See More Products 12.5%
24.4 bn USD of products imported in 2025
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 25.7%
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 3.2%
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) 2.4%
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 2.0%
See More Products 57.9%

Source: Comtrade, 2026. 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, 2026. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: August 2026