The partners of Azerbaijan in foreign trade operations from January to July were representatives of 137 states.
According to the State Customs Committee, traditionally the country's leading importer of energy is one of the hubs of the West Italy - its account comprises 23.93% of total exports ($ 11 billion 970 million 54.49 million). Then come Indonesia (11%), Thailand (9.33%), and Germany (6.93%).
Imports ($ 5 billion 174 million 468.21 million) has also habitually strong partners - Russia (14.41%), Turkey (13.75%), the UK (9.87%) and, again, Germany (6 , 76%).
Foreign trade operations in the reporting period involved in 3067 public and private companies, and 1719 physical persons. - 17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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