Azerbaijan’s balance of payments surplus exceeds $3.8 billion

Photo: Azerbaijan’s balance of payments surplus exceeds $3.8 billion / Business News

Baku, Azerbaijan, March 25
By Abbas Akhundov - Trend:

Azerbaijan's current account surplus as of 2013 amounted to $12.3 billion, or 17.22 percent less than in the same period of 2012, the balance of payments published by the Central Bank of Azerbaijan (CBA) said.

The current account surplus of the oil and gas sector in Azerbaijan amounted to $22.1 billion, according to the same source.

The current account surplus of the oil and gas sector fully covers the current account deficit in the non-oil sector of $9.8 billion.

The total payment balance surplus amounted to $3.84 billion a decrease of 20.48 percent.

The analysis of the balance of payments by sectors shows that as in previous years, in 2013, foreign trade operations in the oil and gas sector had a positive balance, whilst the non-oil sector went into the red.

The total foreign trade turnover in 2013 amounted to $42.9 billion and the trade surplus $20.6 billion. During the reporting period, trade relations were maintained with 152 countries. In this case, 9.9 percent of the trade turnover accounted for the CIS countries and 90.1 percent other foreign countries.

Intensive trade relations were observed with Italy, the UK, Turkey, the United States, Russia, Thailand, Indonesia, Germany, Japan, and France. About 68.9 percent of Azerbaijan's export-import operations fell to these countries.

Translated by L.Z.

Edited by S.M.

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