BAKU, Azerbaijan, September
29. Azerbaijan’s revenue from gold exports
increased from January through August 2026.
This was reported in the September 2026 issue of the Export
Review published by the Center for Analysis of Economic Reforms and
Communication.
According to the review, Azerbaijan exported a total of $271.2
million worth of gold in the reporting period, which is $60.5
million, or 28.7%, more than in the same period last year.
In August alone, Azerbaijan exported $36.8 million worth of
gold, which is $4.8 million, or 15%, more than in the same month
last year.
Overall, Azerbaijan’s non-oil sector exports, excluding
non-monetary gold, increased by 17.6% from January through August
2026 compared to the same period of 2025, reaching $2.81
billion.
During the reporting period, excluding non-monetary gold, gold
ranked first among exported non-oil sector goods at $271.2 million.
Copper ores and concentrates ranked second at $183.7 million, while
tomatoes ranked third at $172.2 million. In August 2026, gold
ranked first among exported non-oil sector goods at $36.8 million.
Copper ores and concentrates ranked second at $31.7 million, while
peaches, including nectarines, ranked third at $29.4 million.
The importance of gold to Azerbaijan’s economy is not limited to
export figures. The precious metal is the largest component of the
investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ),
accounting for 36% of the fund’s assets.
According to a new report by international rating agency Fitch
Ratings, SOFAZ assets amounted to $73.5 billion at the end of the
first quarter of 2026, equivalent to 93.2% of Azerbaijan’s
projected GDP for 2026.
Fitch noted that gold assets directly contributed to the $19.4
billion increase in SOFAZ assets from 2023 through the first
quarter of 2026. Some 26% of this increase was driven by the volume
effect.
