BAKU, Azerbaijan, August 30. In the first seven months of this year, Azerbaijan exported gold worth $239.4 million.
This was reported in the August 2026 issue of the "Export Review" published by the Center for Analysis of Economic Reforms and Communications.
According to the information, this is $60.6 million, or 33.9%, more than the same period last year.
In July alone, Azerbaijan exported gold worth $37.2 million, which is $3.3 million, or 9.7%, more than the same period last year.
In the period from January through July 2026, Azerbaijan's non-oil sector exports (excluding non-monetary gold) increased by 18.3% compared to the corresponding period in 2025, totaling $2.5 billion.
The importance of gold to the Azerbaijani economy extends beyond export figures. The precious metal accounts for the largest share of the investment portfolio of the State Oil Fund of the Republic of Azerbaijan (SOFAZ), representing 36% of the fund’s assets.
According to the latest report by the international rating agency Fitch Ratings, as of the end of the first quarter of 2026, the assets of Azerbaijan’s State Oil Fund (SOFAZ) totaled $73.5 billion, equivalent to 93.2% of Azerbaijan’s projected GDP for 2026.
Fitch notes that from 2023 through the first quarter of 2026, gold assets directly contributed to a $19.4 billion increase in SOFAZ’s assets. Volume growth accounted for 26% of this increase.
The agency estimates that Azerbaijan’s "BBB-" sovereign rating is being upgraded by one notch due to the significant volume of SOFAZ assets. These assets provide the country with a high level of foreign exchange liquidity and the status of a net external creditor.
Fitch notes that rising gold prices have had a positive impact on the volume of SOFAZ assets; however, this effect may be offset to some extent by changes in the volume of gold reserves. According to the agency, in the period from January through April 2026, a cumulative sale of a portion of the gold reserves was carried out as part of a rebalancing of the investment portfolio.
At the same time, Fitch highlights the growing role of gold in the external financial positions of countries in the Caucasus and Central Asia.
"Gold has gained greater significance in the composition of the region’s countries’ foreign exchange reserves. Uzbekistan has the highest share of gold in its international reserves, and a significant portion of Kyrgyzstan’s reserves is also in gold. Azerbaijan’s State Oil Fund, which forms the basis of the country’s substantial foreign exchange reserves, holds significant assets in gold," the agency’s report states.
According to Fitch, rising gold prices have also supported the balance of payments of gold-exporting countries. The agency notes that Uzbekistan’s current account deficit narrowed significantly between 2023 and 2025 due to increased gold exports, and Kyrgyzstan has also benefited from gold price trends and gold exports.
However, the agency emphasizes that an increase in the share of gold in reserves and exports could make countries in the region vulnerable in the event of a sharp drop in gold prices.
"Such a decline would worsen nominal GDP, fiscal policy indicators, and the balance of payments for gold-producing countries, as well as reduce the value of reserves in countries with a high share of gold in their reserves," Fitch stated.
The agency added that a decline in gold prices, in and of itself, is expected to lead to negative rating actions against these sovereign borrowers.
Therefore, the increase in gold exports from Azerbaijan is noteworthy against the backdrop of both the expansion of non-resource exports and the growing importance of gold assets in the country’s foreign economic position.
