Azerbaijan recorded customs-cleared natural gas exports of 17.994 billion cubic metres worth $6.449 billion in January-September 2026. Compared with the same period of 2025, volume fell 2.88% and value declined 3.73%, a reduction of almost $250 million.
FinFly compared the State Customs Committee's nine-month reports for both years. Gas accounted for 27.02% of total merchandise export value, down from 36% a year earlier.
Gas exports: a year-on-year comparison
| Indicator | Jan-Sep 2025 | Jan-Sep 2026 | Change |
|---|---|---|---|
| Volume, bcm | 18.528 | 17.994 | −2.88% |
| Value, $ billion | 6.699 | 6.449 | −3.73% |
| Calculated value per 1,000 m³, $ | 361.54 | 358.38 | −0.87% |
| Share of merchandise exports | 36.00% | 27.02% | −8.98 pp |
What drove the decline in value
Declared volume fell by 533.7 million cubic metres. The average statistical value per thousand cubic metres decreased much less, by about $3.16 to $358.38. Comparing these measures indicates that lower declared volume accounts for most of the reduction in total export value.
This calculated unit value is not a buyer-specific tariff or a market quotation. It divides aggregate customs value by volume over nine months, combining deliveries under different contracts.
Where the gas went
The public customs report provides an aggregate gas figure but no separate country-by-country gas export table. The Energy Ministry's operational release gives the destination breakdown for the same period.
| Destination | Volume, bcm |
|---|---|
| Europe, aggregate | 8.6 |
| Türkiye | 7.0 |
| Georgia | 1.6 |
| Syria | 1.2 |
| Ministry total | 18.4 |
Deliveries to Türkiye include 4.2 bcm via TANAP. This is part of the 7 bcm total, not an additional volume.
Why the two totals differ
Customs reports 17.994 bcm, while the Energy Ministry reports 18.4 bcm. The customs report's footnote specifies gas whose customs clearance was completed during the reporting period. The ministry publishes operational delivery data. The difference is approximately 0.406 bcm; the series should neither be added together nor substituted for one another.
It would therefore be inappropriate to allocate the $6.449 billion customs value to destinations in proportion to ministry volumes. The ministry release does not disclose buyer-specific export values.
A smaller share of total exports
The almost nine-percentage-point fall in gas's export share does not represent an equivalent fall in gas sales. Total merchandise export value rose from $18.606 billion to $23.865 billion while gas export value declined. Both movements affected the share.
The two key measures of gas exports, customs-cleared volume and value, are below their year-earlier levels. Gas nevertheless still accounts for more than a quarter of Azerbaijan's merchandise exports.