Non-oil exports drive Azerbaijan’s trade surplus to historic high

Azerbaijan’s strategic measures to diversify its economy and boost exports are showing tangible results, with the country recording a substantial trade surplus.

According to official source, from January to November 2025, Azerbaijan’s non-oil and gas exports rose by 7.3% compared to the same period last year, reaching $3.317 billion. Analysts expect this figure to mark the highest level in Azerbaijan’s post-independence history by the end of 2025, Caliber.Az reports.

In addition, to further strengthen macroeconomic stability, Azerbaijan imported $5.042 billion worth of gold over the same period as part of its strategic foreign exchange reserves. As these gold imports are not connected to actual consumption or economic activity, they are excluded from calculations of import dynamics and domestic demand-driven trade activity.

Excluding gold imports, the positive trade balance for January–November 2025 reached $7.255 billion, while imports (excluding gold) totaled $16.147 billion, reflecting a modest 0.5% increase from the same period last year.

By Vafa Guliyeva