Export from Azerbaijan. Analysis of goods exports.
Azerbaijan’s economy in 2022-ranked 79th in the world in terms of GDP (in purchasing power parity).
As of January 1, 2024, Azerbaijan’s external public debt amounted to USD 6,480.7 million (AZN 1,117.2 million) or 9% of gross domestic product (GDP). Compared to January 1 last year, the country’s external public debt decreased by $212.5 million (AZN 361.2 million) or 3.2%.
In 2023, Azerbaijan’s economy grew at a slower-than-expected pace: the GDP produced 123 billion manats, and its growth amounted to 1.1%, while it was forecasted 2.5%.
37% of the country’s population is employed in the agricultural sector, 14.3% – in the production sector, and 48.9% – in the service sector. 99.6% of the country’s operating economic entities are small and medium-sized businesses.
40.5% of GDP production comes from industry, 10% from trade, vehicle repairs, 6.2% from transport and warehousing, 6.2% from construction, and 5.5% from agriculture and forestry. and fishing, 2.2% – for tourist accommodation and catering, 1.7% – for information and communications, and 18.6% – for the share of other areas. The share of taxes in 2023 was 9.1% of GDP.
In 2023, budget revenues through the State Customs Committee amounted to 17.8% of total state budget revenues or 6,337.8 million manats, which is 609.8 million manats, or 10.6% more than the forecast and 683.2 million manats, or 12.1% more than in 2022.
Azerbaijan exports oil, gas, refined products (including petroleum coke, petroleum bitumen), food products, non-food products of the non-oil sector, including raw materials (ferrous metals, non-ferrous metals (including aluminum), precious metals (gold), various processed products, chemical industry products, including polypropylene, satellite services.
The import structure includes: food products, pharmaceutical products, furniture, metals, soaps and detergents, glass and stone products, sugar, vegetables, grain, wood products, paper products, railway vehicles.
Azerbaijan enters 2024 with significant investment momentum, ranking seventh on the list of priority foreign direct investment destinations for 2024.
GDP per capita amounted to 12,114.5 manats in 2023. Over the past 20 years (2003-2023), gross domestic product per capita has grown 2.9 times, and Azerbaijan’s GDP has grown 3.6 times from 7.1 billion manats to 123 billion manats.
The Ministry of Finance predicts the rate of real economic growth at 2.4% in 2024, and the Central Bank of the Republic at 3-3.5%. In the non-oil and gas sector, the latter forecast economic growth at around 5-5.5%.
The foreign exchange reserves of the Central Bank of Azerbaijan from the beginning of 2023 to the end of November increased by 20.3% – to $10.8 billion. At the same time, at the end of the year, the republic’s strategic foreign exchange reserves exceeded $68.3 billion.
Thus, according to the CBA, Azerbaijan’s foreign exchange reserves exceed direct external debt by 10 times. At the same time, the country’s external debt this year decreased by almost 2% – to more than $6 billion.
