BAKU, Azerbaijan, June 25.
Azerbaijan's non-oil exports significantly increased from January
through May 2026.
This is reflected in the report by the State Customs
Committee.
According to the information, the export value totaled $5.1
billion, rising by $3.7 billion, or 3.6 times, compared to the same
period last year.
During the reporting period, the top five destinations for
Azerbaijan’s non-oil exports were the UK ($3.5 billion), Russia
($434 million), Türkiye ($306 million), Georgia ($230 million), and
Switzerland ($179 million).
Overall, Azerbaijan conducted foreign trade operations worth
$20.8 billion from January through May this year, down $178
million, or 0.8%, compared to the same period last year.
During the period, exports totaled $14 billion, while imports
amounted to $6.8 billion. Compared with a year earlier, exports
increased by $3 billion (27%), while imports decreased by $3.1
billion (31.6%).
As a result, Azerbaijan recorded a trade surplus of $7.2
billion, up by $6.1 billion, or 6.9 times, year-on-year.
In recent years, the development of the non-oil sector in
Azerbaijan has come to the fore as one of the main directions of
the state economic policy, and this area has already become the
main driving force of economic growth.
Minister of Economy Mikayil Jabbarov said at a press conference
dedicated to the results of the 2026 Annual Meetings of the Islamic
Development Bank Group held in Baku that the non-oil sector is the
main driver of the country's investment attractiveness.
According to the minister, the economic and investment
opportunities of Azerbaijan were presented to international
investors at the "Azerbaijan Investment Outlook" session, and these
opportunities are based on national development priorities.
"Azerbaijan's main focus is on the development of the non-oil
and gas economy, and this sector has become the main driver of
economic growth in the country in the last 5-6 years," Jabbarov
noted.
He pointed out that the most promising areas in terms of
investment are the non-oil industry, mining and critical minerals,
agriculture and agro-processing, transport and logistics, tourism,
renewable energy, financial services, and digitalization.
According to the minister, Azerbaijan's political and
macroeconomic stability, low public debt, high foreign exchange
reserves, favorable geographical location, and positive assessments
by international rating agencies significantly increase the
country's investment attractiveness.
Jabbarov said that the government supports logistics and
transport costs to expand non-oil exports, applies credit guarantee
and interest subsidy mechanisms, and creates a more favorable
business environment for investors through industrial parks and
free economic zones.
"Azerbaijan has become an important transit and logistics center
on the Middle Corridor by using its geographical advantages and
developed transport and communication infrastructure," the minister
emphasized.
He added that one of the projects of particular importance for
investors is the Alat Free Economic Zone. Modern infrastructure,
competitive benefits, and a stable legal environment have been
created here, which strengthens Azerbaijan's position as a regional
investment center.
The minister also said in an interview with AZERTAG and ITV that
the policy pursued to diversify the economy is already yielding
real results.
"The share of the non-oil sector in the structure of the gross
domestic product has already reached 71.5%. About 20 years ago,
this indicator was even lower than 44%. This is a successful result
of the implemented economic policy," Jabbarov noted.
Assessing the development prospects of the non-oil economy in an
exclusive interview with Trend, Jamal Ismayilov, head of the Oliver
Wyman international consulting company for Azerbaijan and Central
Eurasia, said that the country is already transitioning from the
stage of economic diversification to a new development model.
"Already in 2025, the growth of the non-oil and gas sector
exceeded the overall economic growth. In 2026, the non-oil sector
is expected to grow by more than 4%. Azerbaijan has sufficient
resources, a favorable geographical location, and institutional
potential to double its GDP in the next decade," he said.
According to him, the main directions of future development
should be the petrochemical industry, energy and logistics
services, management of logistics and trade operations on the
Middle Corridor, tourism and entertainment industries, which create
high added value.
In his opinion, Azerbaijan should no longer be just a transit
country, but a center that manages regional logistics and trade
flows.
"Currently, Azerbaijan mainly receives transit revenues. The
next stage is the transition to activities that create higher added
value, such as logistics coordination, trade analytics, financing,
and risk management. Global logistics centers such as Singapore and
Rotterdam have also developed on this model," he emphasized.
In an interview with Trend, the expert also assessed the
development of the financial sector as one of the main conditions
for economic transformation.
"The development of energy and logistics project financing,
trade finance, regional risk management, and sustainable financing
can ensure Azerbaijan's next economic breakthrough," Ismayilov
said.
According to the expert, digitalization, artificial
intelligence-based logistics solutions, e-commerce documents, and
digital platforms will be the key elements of future economic
growth.
He also noted that the reshaping of global supply chains, the
increasing importance of the Middle Corridor, and the expansion of
service exports create new opportunities for Azerbaijan.
"The Azerbaijan 3.0 model involves a transition from raw
material exports to services, logistics, trade coordination, and
high value-added activities. Exactly this model that can ensure the
country's long-term economic growth," Ismayilov added.
