Mikayil Jabbarov: Azerbaijan's foreign trade stabilized around $50B since 2022

Since 2022, Azerbaijan's foreign trade turnover has stabilized at approximately $50 billion, Economy Minister Mikayil Jabbarov said during the first reading discussion of the 2026 state budget in the Milli Majlis, according to Report.

Jabbarov noted that reforms in taxation, customs, and the labor market began in 2018, leading to significant qualitative and structural changes in the economy between in 2019-2025.

"During this period, the non-oil-and-gas sector's share in the economy increased from 58% in 2018 to 70% by late 2025. The average annual GDP growth for 2022–2025 is expected to reach 3.3%, within the strategic target range of 3–4%. This growth is fully driven by the non-oil-and-gas sector, with its average annual growth projected at 6.1%, 1.1 percentage points above the goal set in the 2022–2026 socio-economic development strategy," He said.

Jabbarov highlighted that from 2019 to 2024, the economy achieved an average annual growth rate of 2.3%, nearly double that of 2010–2020. All sectors outside oil and gas have shown growth, led by information and communications (11%), the non-oil and gas industry (9.7%), and transport and warehousing (7.8%).

Key structural changes include the doubling of non-oil-and-gas exports to $3.4 billion and a 15% increase in the exported goods to 2,810 items, according to him. "Despite lower oil and gas prices and production, foreign trade turnover has remained steady at around $50 billion since 2022," Jabbarov said.