Azerbaijan's trade surplus rises sharply excluding gold imports

Azerbaijan recorded a positive foreign trade balance of $2.21 billion in January–November this year, but the figure increases to $7.26 billion when gold imports are excluded, up nearly 30% year-on-year.

According to calculations by Report, Azerbaijan imported gold worth $5.04 billion over the 11-month period as part of efforts to further strengthen macroeconomic stability, with gold being a key component of strategic foreign exchange reserves.

As gold imports are not linked to real consumption or economic activity, they are excluded from analyses of import dynamics and domestic demand. When gold imports are excluded, the value of total imports stood at

$16.15 billion, representing only a 0.5% increase compared to the same period last year.