The structural shift in Azerbaijan’s foreign trade during the first four months of this year offers more than just encouraging macroeconomic data; it provides a profound sense of relief for the country’s monetary stability. For the past three years, a concerning narrative had been quietly building among economic analysts and the public alike. Azerbaijan was witnessing a persistent trend where export revenues were systematically softening while the national appetite for imports expanded aggressively. Even though the country managed to close previous chapters with a positive trade balance, the narrowing margin triggered whispering alarms. Economists warned that if this trajectory spilled uninterrupted into the coming years, the central bank’s tight grip on the currency peg would face structural pressure, rendering a devaluation of the Azerbaijani manat against the US dollar an inevitable reality by the end of this year or early next.

However, the newly released trade figures for the January-April period have dramatically rewritten this script, effectively........

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