Azerbaijan flag Azerbaijan: Economic and Political Overview

Foreign trade figures of Azerbaijan

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.

 
Foreign Trade Values 20162017201820192020
Imports of Goods (million USD) 9,2008,78211,46613,66810,731
Exports of Goods (million USD) 10,90015,47620,31719,63613,470
Imports of Services (million USD) 7,5278,0046,6796,3035,386
Exports of Services (million USD) 4,3754,6614,6613,7272,594

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

Foreign Trade Indicators 20162017201820192020
Foreign Trade (in % of GDP) 90.190.491.785.872.2
Trade Balance (million USD) 4,2066,1159,8418,5332,512
Trade Balance (Including Service) (million USD) 1,0522,7357,7795,917-329
Imports of Goods and Services (in % of GDP) 43.641.937.636.836.5
Exports of Goods and Services (in % of GDP) 46.448.554.149.135.7

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20212022 (e)2023 (e)2024 (e)2025 (e)
Volume of exports of goods and services (Annual % change) 2.4-0.9-2.4-2.31.3
Volume of imports of goods and services (Annual % change) -1.3-3.8-3.5-3.5-1.2

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)
2020
Italy 30.4%
Turkey 18.9%
Russia 5.2%
Greece 3.8%
Croatia 3.4%
See More Countries 38.3%
Main Suppliers
(% of Imports)
2020
Russia 18.3%
Turkey 14.6%
China 13.2%
United States 5.9%
Germany 5.4%
See More Countries 42.6%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

13.7 bn USD of products exported in 2020
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 68.1%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 16.0%
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 2.1%
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 1.5%
Tomatoes, fresh or chilledTomatoes, fresh or chilled 1.5%
See More Products 10.8%
10.7 bn USD of products imported in 2020
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) 5.1%
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) 3.0%
Wheat and meslinWheat and meslin 2.8%
Electrical apparatus for line telephony or line...Electrical apparatus for line telephony or line telegraphy, incl. line telephone sets with cordless handsets and telecommunication apparatus for carrier-current line systems or for digital line systems; videophones; parts thereof 2.7%
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 1.9%
See More Products 84.5%

Source: Comtrade, 2022. 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, 2021. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

Return to top

Any Comment About This Content? Report It to Us.

 

© Export Entreprises SA, All Rights Reserved.
Latest Update: July 2022

Return to top