Azerbaijan Trade Market 2026: Strategic Review & Growth Forecast

Azerbaijan's export value peaked in 2022 at over $38 billion before declining to $26.4 billion in 2024. Despite this recent contraction, current exports remain significantly higher than the 2020 baseline of $13.7 billion, indicating a volatile yet upward long-term trajectory compared to the start of the decade.

Import values demonstrate a consistent upward trend, doubling from $10.2 billion in 2020 to over $21 billion in 2024. This steady year-over-year growth reflects increasing domestic demand and expanding economic activity within Azerbaijan, contrasting with the more volatile export market.

Energy products dominate the export profile, with petroleum crude oil ($14.4B) and natural gas ($8.4B) leading. Other significant exports include petroleum ether, gold, and agricultural goods such as cotton and tomatoes, though they represent a much smaller share of the total value compared to fossil fuels.

Semi-manufactured gold is the leading import at $3.3 billion. The import mix also highlights significant demand for vehicles (hybrid and diesel), petroleum products, and high-tech electronics like smartphones, alongside essential commodities like wheat and medicaments, indicating a diverse consumer and industrial appetite.

Italy is the primary trade partner, commanding a 41.11% share, largely driven by exports. Turkey and Russia follow as major partners. Notably, trade with China and the USA is heavily weighted toward imports, contrasting with the export-heavy relationship Azerbaijan maintains with Italy.