Overview In 2020 Azerbaijan was the number 89 economy in the world in terms of GDP (current US$), the number 78 in total exports, the number 95 in total imports, the number 113 economy in terms of GDP per capita (current US$) and the number 83 most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Azerbaijan are Crude Petroleum ($9.3B), Petroleum Gas ($2.2B), Refined Petroleum ($292M), Gold ($211M), and Tomatoes ($201M), exporting mostly to Italy ($4.06B), Turkey ($2.61B), Russia ($728M), Greece ($514M), and Georgia ($490M).

Imports The top imports of Azerbaijan are Cars ($615M), Gas Turbines ($321M), Packaged Medicaments ($302M), Wheat ($289M), and Broadcasting Equipment ($244M), importing mostly from Russia ($2.03B), Turkey ($2.03B), China ($936M), Germany ($473M), and United Kingdom ($448M).

Location Azerbaijan borders Armenia, Georgia, Iran, Russia, and Turkey by land and Turkmenistan by sea.

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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.

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Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

Historical Data

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Top Export (2020): Crude Petroleum, $9.3B

Top Destination (2020): Italy, $2.03B

In 2020, Azerbaijan exported a total of $13.8B, making it the number 78 exporter in the world. During the last five reported years the exports of Azerbaijan have changed by $641M from $13.2B in 2015 to $13.8B in 2020.

The most recent exports are led by Crude Petroleum ($9.3B), Petroleum Gas ($2.2B), Refined Petroleum ($292M), Gold ($211M), and Tomatoes ($201M). The most common destination for the exports of Azerbaijan are Italy ($4.06B), Turkey ($2.61B), Russia ($728M), Greece ($514M), and Georgia ($490M).

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Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

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).

Economic Complexity

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Most Specialized Products by RCA Index

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Azerbaijan has a high level of specialization in Tomatoes (24.8), Crude Petroleum (17.6), Petroleum Gas (12.2), Raw Cotton (11.2), and Copper Fasteners (11). Specialization is measured using RCA, an index that takes the ratio between Azerbaijan observed and expected exports in each product.

Export Opportunities by Relatedness

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The top export opportunities for Azerbaijan according to the relatedness index, are Gold (0.074), Chromium Ore (0.07), Insect Resins (0.069), Sulphur (0.069), and Tropical Fruits (0.069). 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.

Relatedness Space

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This network shows the products most related to the production structure of Azerbaijan. These are products that tend to be co-exported with the products that Azerbaijan exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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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.

Economic Complexity Ranking

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During the last 19 years Azerbaijan's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨44th to the 83rd⁩ 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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