Surplus of Azerbaijan's payments balance makes up about $ 3 billion

Photo: Surplus of Azerbaijan's payments balance makes up about $ 3 billion / Economy news

Baku, Azerbaijan, June 10
By Zulfiya Gurbanova - Trend:

In accordance with the balance of payments, published by the Central Bank of Azerbaijan (CBA), the surplus of the current account in the first quarter of 2014 totalled $3.3 billion, decreasing by 20.5 percent compared to the same period last year.

As noted in the balance of payments, the surplus of current account of Azerbaijan`s oil and gas sector amounted to $5 billion for the reported period.

Herewith, in accordance with the document, the current account surplus of oil and gas sector completely covers the current account deficit in the non-oil sector in the amount of $1.6 billion.
Overall balance of payments surplus made up $2.8 billion, increasing by 66.1 percent compared to the same period last year.

The analysis of the balance of payments on sectors showed that, as in previous years, foreign trade operations in the oil and gas sector had a positive surplus and non-oil sector - negative in January-March, 2014.

The total foreign trade turnover amounted to $9.5 billion in the first quarter, and the trade surplus - $5.5 billion.
Azerbaijan maintained trade relations with 117 countries during the reported period. While 7.7 percent of trade turnover came accounted for the CIS countries and 92.3 percent - on other foreign countries.

Azerbaijan led intensive trade with Italy, Turkey, Great Britain, Indonesia, Germany, USA, Russia, Israel, France, and Japan. Some 72.5 percent of export-import operations in Azerbaijan accounted for these countries.

Edited by CN

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