Strategically positioned at the confluence of southwestern Asia with southeastern Europe north of Iran and south of Russia, the Republic of Azerbaijan shipped US$26.6 billion worth of exported products around the world in 2024.

That dollar amount results from a 93.4% acceleration from $13.7 billion 5 years earlier in 2020.

From 2023 to 2024, the overall value of Azerbaijani exported products dropped by -21.7% compared to $33.9 billion.

Azerbaijan’s 3 most valuable export products are crude oil, petroleum gases and processed petroleum oils. Collectively, that trio of major energy products represent 87.3% of the total revenue paid for all Azerbaijani exports during 2024. Such a high percentage indicates an intensely concentrated portfolio of exports.

Azerbaijan’s Best Exports Customers

The latest available country-specific data shows that 85.5% of products exported from Azerbaijan was bought by importers in: Italy (41% of Azerbaijan’s total), Türkiye (14.4%), Russia (4.4%), Czech Republic (4.1%), Croatia (3.3%), Germany (2.9%), India (2.77%), Israel (2.76%), Bulgaria (2.57%), Georgia (2.54%), Portugal (2.38%) and Greece (2.36%).

From a continental perspective, 71.7% of Azerbaijan exports by value was delivered to European countries while 26.3% was sold to importers based in Asia. Azerbaijan shipped another 1.1% worth of goods to customers in Africa.

Tinier percentages went to buyers in North America (0.5%), Latin America (0.4%) excluding Mexico but including the Caribbean, then Oceania’s Australia and New Zealand (0.001%).

Given Azerbaijan’s population of 10.25 million people, its total $26.6 billion in 2024 exports translates to roughly $2,600 for every resident in the Middle Eastern country. That dollar metric lags the average $3,350 per capita one year earlier during 2023.

Azerbaijan’s Top 10 Exports

The following export product groups represent the highest dollar value in Azerbaijani global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall exports from Azerbaijan.

1. Mineral fuels including oil: US$23.4 billion (88% of total exports)
2. Fruits, nuts: $497 million (1.9%)
3. Plastics, plastic articles: $368.9 million (1.4%)
4. Gems, precious metals: $215.3 million (0.8%)
5. Cotton: $213.5 million (0.8%)
6. Vegetables: $210.8 million (0.8%)
7. Aluminum: $197.2 million (0.7%)
8. Vehicles: $187.2 million (0.7%)
9. Fertilizers: $127.1 million (0.5%)
10. Organic chemicals: $104.9 million (0.4%)

Azerbaijan’s top 10 export product categories generated 96% of the overall value of its global shipments.

Fertilizers represent the fastest grower among the top 10 export categories, up by 51.6% from 2023 to 2024.

In second place for improving export sales was cotton via a 30.2% advance.

Azerbaijan’s shipments of gems and precious metals posted the third-fastest gain in value up by 29%, boosted by higher revenues from exported gold.

The leading decliner among Azerbaijan’s top 10 export categories was mineral fuels including oil, thanks to its -24.7% year-over-year drop.

At the more granular four-digit Harmonized Tariff System code level, crude oil represents Azerbaijan’s most valuable exported product at 54.4% of the country’s total global sales. In second place were petroleum gases (31.7%) trailed by processed petroleum oils (1.3%), unwrought gold (0.8%), uncarded and uncombed cotton (0.7%), miscellaneous fresh fruits (0.7%), fresh or chilled tomatoes (also 0.7%), cars (0.6%), propylene or olefin polymers (also 0.6%), then miscellaneous nuts (also 0.5%).

Products Behind Azerbaijan’s Best Trade Surpluses

Overall Azerbaijan achieved a US$5.5 billion trade surplus for 2024, shrinking by -66.9% from the $16.6 billion in black ink one year earlier in 2023.

The following types of Azerbaijani product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.

In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

1. Mineral fuels including oil: US$21.5 billion (Down by -25.9% since 2023)
2. Fruits, nuts: $297.9 million (Down by -17.6%)
3. Cotton: $203.9 million (Up by 30.5%)
4. Vegetables: $128.1 million (Down by -4.6%)
5. Fertilizers: $54.6 million (Up by 363.8%)
6. Salt, sulphur, stone, cement: $50.1 million (Up by 23.3%)
7. Organic chemicals: $45.5 million (Up by 19.6%)
8. Aluminum: $23.6 million (Down by -57.7%)
9. Lead: $14.4 million (Up by 0.6%)
10. Raw hides, skins not furskins, leather: $7.7 million (Down by -1.8%)

Historically, Azerbaijan posts highly positive net exports in the international trade of crude oil and, to a lesser extent, petroleum gases and electrical energy. In turn, these cashflows indicate Azerbaijan’s strong competitive advantages under the mineral fuels-related category.

Products Causing Azerbaijan’s Worst Trade Deficits

Below are exports from Azerbaijan that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Azerbaijan’s goods trail Azerbaijani importer spending on foreign products.

1. Gems, precious metals: -US$3.1 billion (Reversing a $111 million trade surplus)
2. Machinery including computers: -$2.1 billion (Up by 14.8% since 2023)
3. Vehicles: -$2 billion (Up by 6.3%)
4. Electrical machinery, equipment: -$1.7 billion (Up by 10.8%)
5. Articles of iron or steel: -$586.9 million (Up by 0.5%)
6. Pharmaceuticals: -$504.7 million (Down by -7.6%)
7. Iron, steel: -$499 million (Up by 20.7%)
8. Wood: -$400.4 million (Up by 4.1%)
9. Cereals: -$387.4 million (Down by -0.6%)
10. Optical, technical, medical apparatus: -$330.4 million (Up by 26%)

Azerbaijan has highly negative net exports and therefore deep international trade deficits under the product categories titled gems and precious metals, machinery including computers, and vehicles.

Azerbaijani Export Companies

Not one Azerbaijani corporation ranks among Forbes Global 2000.

Wikipedia lists exports-related companies from Azerbaijan. Selected examples are shown below.

• Akkord Industry Construction Investment Corp (construction materials)
• Azal Avia Cargo (cargo airline)
• AzMeCo (methanol)
• AzSamand (vehicles)
• Bahra Biscuit Factory (food)
• Ganja Auto Plant (vehicles)
• Gazelli Group (cosmetics)
• Inter Glass (glass products)
• Shollar water (beverages)
• SOCAR (oil, gas)

 
In macroeconomic terms, Azerbaijan’s total exported goods represent 10.4% of its overall Gross Domestic Product for 2024 ($256.1 billion valued in Purchasing Power Parity US dollars). That 10.4% for exports to overall GDP in PPP for 2024 compares to 21.1% one year earlier. Those percentages indicate a relatively decreasing reliance on products sold on international markets for Azerbaijan’s total economic performance, albeit based on a short timeframe.

Another key economic indicator is a country’s jobless rate. The Azerbaijani unemployment rate averaged 5.394% for 2024, down from an average 5.456% in 2023 according to International Monetary Fund statistics.

Azerbaijan’s capital city is Baku, derived from Persian wording that translates to “Wind-pounded city”.

See also Italy’s Top Trading Partners, Turkey’s Top Trading Partners , Crude Oil Exports by Country and Sweet Cherries Exports by Country

Research Sources:
Central Intelligence Agency, Country Profiles, The World Factbook. Accessed on November 2, 2025

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on November 2, 2025

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on November 2, 2025

International Trade Centre, Trade Map. Accessed on November 2, 2025

Investopedia, Net Exports Definition. Accessed on November 2, 2025

Wikipedia, Gross domestic product. Accessed on November 2, 2025

Wikipedia, List of Companies of Azerbaijan. Accessed on November 2, 2025

Wikipedia, Purchasing power parity. Accessed on November 2, 2025