BAKU, Azerbaijan, September 30. Azerbaijan’s external position remained strong despite volatility in hydrocarbon prices, Trend reports via the Asian Development Bank (ADB).
“Strong budget revenue kept the budget in surplus. In the first half of 2025, revenue rose from 31.4% of 2024 GDP to 31.9%, driven by higher tax receipts and increased transfers from the sovereign wealth fund to the budget. Expenditure increased from 26.8% of 2024 GDP to 27.5% in 2025, reflecting an 11.1% rise in capital expenditure and a 7.5% increase in current spending. During the first 6 months of 2025, the budget had a surplus equal to 4.4% of GDP.
Azerbaijan’s external position remained strong despite volatility in hydrocarbon prices. In the first quarter of 2025, the current account recorded a surplus of $1.1 billion, equal to 6.5% of GDP,” reads the report.
ADB notes that merchandise trade totaled $10.0 billion, with exports of $6.2 billion and imports of $3.8 billion.
“A surplus in oil and gas offset a deficit in other goods, yielding an overall trade surplus of $2.5 billion.
Exports of non-hydrocarbon goods grew by 11.8%, while imports expanded by 8.2%. Remittance inflows contracted by 22%. Meanwhile, the balance of services was in deficit, with exports up by 19.9% but outpaced by imports up by 24.1%. Over the first 6 months of 2025, combined foreign exchange reserves in the sovereign wealth fund and the central bank increased by $6.7 billion to $77.6 billion, equal to 105% of GDP and about 15 times the economy’s public external debt. Central bank reserves stood at $11.2 billion, covering 8.9 months of goods imports,” the report says.