Azerbaijan's External Position Remained Strong Despite Volatility In Hydrocarbon Prices 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.

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