Azerbaijan doubles non-oil and gas exports over past years
Azerbaijan has doubled the annual value of its non-oil and gas exports over the past five years, reaching $3.4 billion in 2024, Economy Minister Mikayil Jabbarov said on Wednesday.
Speaking during the first parliamentary reading of the 2026 state budget draft, the minister noted that the number of exported non-oil goods also increased by 15%, totaling 2,810 items, News.Az reports, citing local media.
Jabbarov noted that despite declines in global energy prices and domestic production, Azerbaijan’s foreign trade turnover has remained stable at around $50 billion since 2022.
"From 2022 to 2024, the country’s foreign trade balance — excluding gold imports by the State Oil Fund (SOFAZ) — posted an average annual surplus of $16 billion. During the same period, non-oil and gas services exports grew by up to 45%, exceeding $6.5 billion," he said.
The minister highlighted significant fiscal improvements as well.
"Compared to actual figures from 2018, revenues in the approved 2025 state budget are 1.7 times higher, with non-oil and gas revenues increasing 2.2 times. Tax collections from the non-oil sector grew 2.3 times," he added.
Minister Jabbarov emphasized that the share of non-oil and gas revenues in the state budget has risen from 40% in 2018 to 52% in the 2025 budget, with the 2026 draft projecting this figure to reach 57%.
Similar news
