Azerbaijan2021 Economic Complexity Trade : -0.52, Rank 85 of 131
2021 Economic Complexity Technology : -1.08, Rank 78 of 96
2021 Economic Complexity Research : -1.19, Rank 125 of 140
2021 Product Exports | Imports: $22.8B | $12.3B, 71 of 226 | 103 of 226
2021 Per Capita Product Exports | Imports: $2.25k | $1.21k, 93 of 219 | 146 of 219
Overview In 2021, Azerbaijan was the number 82 economy in the world in terms of GDP (current US$), the number 71 in total exports, the number 103 in total imports, the number 94 economy in terms of GDP per capita (current US$) and the number 85 most complex economy according to the Economic Complexity Index (ECI) .
Exports The top exports of Azerbaijan are Crude Petroleum ($13.5B), Petroleum Gas ($5.73B), Refined Petroleum ($641M), Raw Cotton ($209M), and Gold ($202M), exporting mostly to Italy ($9.46B), Turkey ($2.83B), Russia ($931M), Israel ($898M), and Croatia ($741M).
Imports The top imports of Azerbaijan are Cars ($815M), Wheat ($354M), Packaged Medicaments ($308M), Broadcasting Equipment ($283M), and Refined Petroleum ($260M), importing mostly from Turkey ($2.37B), Russia ($2.24B), China ($1.28B), United Kingdom ($531M), and Georgia ($528M).
Location Azerbaijan borders Armenia, Georgia, Iran, Russia, and Turkey by land and Turkmenistan by sea.
The following section uses the most recent trade data from partners of Azerbaijan.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2021): Crude Petroleum, $13.5B
Top Destination (2021): Italy, $9.46B
In 2021, Azerbaijan exported a total of $22.8B, making it the number 71 exporter in the world. During the last five reported years the exports of Azerbaijan have changed by $9.09B from $13.7B in 2016 to $22.8B in 2021.
The most recent exports are led by Crude Petroleum ($13.5B), Petroleum Gas ($5.73B), Refined Petroleum ($641M), Raw Cotton ($209M), and Gold ($202M). The most common destination for the exports of Azerbaijan are Italy ($9.46B), Turkey ($2.83B), Russia ($931M), Israel ($898M), and Croatia ($741M).
Azerbaijan Exports Services (2018): $4.59B
Azerbaijan Imports Services (2018): $6.7B
In 2018, Azerbaijan exported $4.59B worth of services. The top services exported by Azerbaijan in 2018 were Personal travel ($2.04B), Transportation ($1.22B), Business travel ($597M), Other business services ($528M), and Computer and information services ($79M).
The top services imported by Azerbaijan in 2018 were Personal travel ($1.98B), Transportation ($1.52B), Construction services ($1.33B), Other business services ($1.16B), and Business travel ($299M).
Azerbaijan has a high level of specialization in Tomatoes (14.3), Copper Fasteners (13.9), Crude Petroleum (13.1), Petroleum Gas (12.1), and Raw Cotton (10.3). Specialization is measured using RCA, an index that takes the ratio between Azerbaijan observed and expected exports in each product.
The highest complexity exports of Azerbaijan according to the product complexity index (PCI) are Petroleum resins, coumarone-indene resins, polyterpenes, polysulphides, polysulphones and similar products of chemical synthesis n.e.c. in chapter 39, in primary forms (1.49), Copper, nails, tacks, drawing pins, staples (not those of heading no. 8305) and the like, of copper or iron or steel with heads of copper; screws bolts, nuts, screws hooks, rivets, cotters, washers (1.36), Artificial graphite; colloidal or semi-colloidal graphite; preparations based on graphite or other carbon in the form of pastes, blocks, plates or other semi-manufactures (0.85), Aluminium; plates, sheets and strip, thickness exceeding 0.2mm (0.44), and Polymers of propylene or of other olefins, in primary forms (0.18). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Azerbaijan according to the relatedness index, were Sulphur (0.077), Gold (0.07), Chromium Ore (0.065), Insect Resins (0.064), and Manganese Ore (0.061). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Azerbaijan is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Azerbaijan's economy has become relatively less complex, moving from the nullth to the 85th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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