Azerbaijan sharply increased its gold exports in the first seven months of 2026, with the value of shipments rising 20.8-fold year on year to $3.708 billion.

In physical terms, gold exports increased 8.5 times to 24,517.2 kilograms during January-July, according to Report.

The exports covered gold in unwrought and semi-manufactured forms, including bars, rods, wire, profiles, plates, sheets, strips and ribbons more than 0.15 millimeters thick, as well as unwrought gold not intended for coinage.

The United Kingdom became Azerbaijan’s main gold market, receiving 21,902 kilograms worth $3.4685 billion. The shipments marked Azerbaijan’s first gold exports to the UK in 16 years.

Azerbaijan also exported 2,615 kilograms of gold to Switzerland, valued at $239.4 million. Compared with the same period in 2025, the value of these shipments increased by 34%, while their physical volume declined by 9.7%.

Meanwhile, Azerbaijan’s gold imports plunged during the reporting period. The country imported 136.51 kilograms of gold worth $21.2 million, with the value down 99.4% and the volume down 99.6% year on year.

Türkiye supplied 82.43 kilograms worth $13.7 million, representing an 86.2% decline in value and a 92.6% drop in volume.

Imports from Switzerland amounted to 54 kilograms, valued at $7.4 million, down 96.3% in value and 95% in volume. Azerbaijan also imported 0.1 kilograms of gold from the United Arab Emirates, worth $80,000, while there had been no imports from the UAE a year earlier.

In 2025, Azerbaijan exported gold exclusively to Switzerland, with shipments totaling 4,522 kilograms worth $326.2 million.