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.
