Azerbaijan's exports rise by 27.8%; imports fall by 24.1%
From January through August, Azerbaijan exported goods worth $21.8 billion. That is 27.8% more than in the same period last year. Imports fell by 24.1% to approximately $11.4 billion, according to the country’s State Customs Committee. The trade surplus reached $10.4 billion, more than five times the level recorded a year ago.
Oil drives the value, not the volume
The Customs Committee estimates oil exports at $9.3 billion. That is 10.6% more than the previous year, an increase of $886 million. Volume, however, declined. Azerbaijan exported 14.7 million metric tons of crude oil and petroleum products—1.2 million metric tons less than before. The value is rising even as the volume falls.
On September 9, the State Statistics Committee reported GDP growth of 1.2% for January through August. The economy, excluding oil and gas, grew by 2.1%. The oil and gas sector contracted by 0.8%. Consumer prices were 5.7% higher than the previous year. Retail sales rose by 3.9%. So, those looking for growth will find it primarily in retail and agriculture.
Non-oil exports are growing
The Center for Analysis of Economic Reforms (CAERC) analyzes non-oil exports. Excluding gold, they grew by 17.6% to $2.81 billion. In August alone, they rose by 13% to $350.8 million. Copper ore brought in $183.7 million, and tomatoes $172.2 million. Sugar exports tripled. Cotton yarn increased by 62.2%, and aluminum products by 42.8%.
Agricultural exports rose by 19.2% to $732 million. The agro-industrial sector grew by 22.1% to $255.8 million. According to AzerNews, non-oil-and-gas exports reached $6.28 billion. This represents 28.8% of total exports, up from 14.1% the previous year. Domestically, food prices rose by 6.9%, and in August by as much as 7.2%.
The largest buyer is Russia, with $814.2 million. It is followed by Turkey with $435 million and Georgia with $386.5 million. Switzerland accounts for $284.4 million. Regarding gold, the CAERC export report cites the following figures: “Azerbaijan exported gold worth a total of 271.2 million U.S. dollars. That is 60.5 million U.S. dollars, or 28.7%, more than in the same period last year.” (Translation)
For German exporters, this means the market for imports is shrinking by nearly a quarter. The data does not explain why imports are falling so sharply. Those shipping to Baku are reevaluating orders and payment terms. For German buyers, opportunities are emerging in copper ore, aluminum, and agricultural products, whose exports are growing.
Sources: State Customs Committee of Azerbaijan (EN), State Statistics Committee (EN), CAERC Export Review September 2026 (EN), AzerNews (EN)
SK, Frankfurt