Azerbaijan Import Data

Azerbaijan's Import/Export Overview and Domestic Market Update

Imports & Exports

• Top Trade Partners: Azerbaijan's key trading partners include Russia, Turkey, and Italy, reflecting strong regional ties and specific sectoral dependencies.

• Top 5 Imports: Petroleum products, machinery, vehicles, pharmaceuticals, and foodstuffs make up the bulk of imports, with petroleum products leading at nearly 20% of total imports.

• Top 5 Exports: Crude oil, natural gas, gold, precious metals, and chemicals dominate exports, with crude oil accounting for over 60% of total exports, showcasing Azerbaijan's resource-based economy.

• Trade Surplus: Azerbaijan enjoys a significant trade surplus due to high export volumes of oil and gas, which far outweigh its import costs.

• Policies: Azerbaijan's trade policy focuses on diversifying its export base beyond oil, promoting non-oil sectors, and enhancing trade facilitation measures.

Domestic Market

• Consumer Spending: Consumer spending is robust, driven by a growing middle class, though it faces challenges from inflation and economic volatility.

• Inflation & Interest Rates: Moderate inflation, supported by central bank interventions, has kept interest rates stable, aiming to balance economic growth and price stability.

• Supply Chain Efficiency: Azerbaijan has been working on improving its supply chain infrastructure, reducing logistical bottlenecks, and enhancing its position as a regional transit hub.

• Industry Performance: The energy sector remains dominant, but there is a notable push towards developing agriculture, tourism, and information technology, aiming to reduce economic dependency on oil.

Overall Outlook

Azerbaijan's economy, despite its heavy reliance on oil exports, is making strides towards diversification. Its strategic location and efforts to improve trade infrastructure position it well for future growth in both traditional and emerging sectors.