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Overview In 2022, Azerbaijan was the number 73 economy in the world in terms of GDP (current US$), the number 65 in total exports, the number 102 in total imports, the number 87 economy in terms of GDP per capita (current US$) and the number 83 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Azerbaijan are Crude Petroleum ($19.4B), Petroleum Gas ($15.5B), Refined Petroleum ($561M), Nitrogenous Fertilizers ($247M), and Gold ($188M), exporting mostly to Italy ($18.3B), Turkey ($3.57B), Israel ($1.68B), India ($1.64B), and Greece ($1.51B).

Imports The top imports of Azerbaijan are Cars ($1.16B), Refined Petroleum ($654M), Crude Petroleum ($410M), Wheat ($390M), and Packaged Medicaments ($368M), importing mostly from Russia ($2.52B), Turkey ($2.5B), China ($1.51B), United Arab Emirates ($699M), and Georgia ($668M).

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

Latest Trends

Latest Trade

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Y-AXIS SCALE

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.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

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.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2022)Crude Petroleum$19.4B
Top Destination (2022)Italy$18.3B

In 2022, Azerbaijan exported a total of $38.9B, making it the number 65 exporter in the world. During the last five reported years the exports of Azerbaijan have changed by $23.4B from $15.5B in 2017 to $38.9B in 2022.

The most recent exports are led by Crude Petroleum ($19.4B), Petroleum Gas ($15.5B), Refined Petroleum ($561M), Nitrogenous Fertilizers ($247M), and Gold ($188M). The most common destination for the exports of Azerbaijan are Italy ($18.3B), Turkey ($3.57B), Israel ($1.68B), India ($1.64B), and Greece ($1.51B).

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Exports (2022)
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Destinations (2022)
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Market Growth

Flow
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Fastest Growing Export Markets (2021 - 2022)
Italy$8.79B (+ 92.9%)
Greece$1.08B (+ 247%)
India$1.05B (+ 176%)
Fastest Growing Import Markets (2021 - 2022)
Turkmenistan$395M (+ 609%)
Russia$322M (+ 14.7%)
China$213M (+ 16.4%)

Total Export Growth by Market (2021 - 2022)

Service Trade

Service Trade

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).

Service Exports (2018)

Service Imports (2018)

Economic Complexity

Overview

Economic Complexity (Trade)-0.44Rank 83 of 133
Economic Complexity (Technology)-1.08Rank 78 of 96
Economic Complexity (Research)-1.66Rank 134 of 135

Most Specialized Products by RCA Index

Azerbaijan has a high level of specialization in Petroleum Gas (11.4), Tomatoes (9.9), Copper Fasteners (8.2), Crude Petroleum (8.16), and Petroleum Resins (6.11). Specialization is measured using RCA, an index that takes the ratio between Azerbaijan observed and expected exports in each product.

Most Complex Products by PCI

Export Opportunities by Relatedness

The top export opportunities for Azerbaijan according to the relatedness index, were Gold (0.063), Sulphur (0.061), Insect Resins (0.06), Other Ores (0.058), and Manganese Ore (0.057). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Azerbaijan is not specialized in.

Product Space

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

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.

Relatedness Space (2022)

Diversification Frontier

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Depth

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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Azerbaijan's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨52nd 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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ECI (Trade) Ranking by Country

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