Current account surplus of Azerbaijan's balance payments exceeds $10 billion

Business Materials 31 March 2010 17:37 (UTC +04:00)

Azerbaijan, Baku, March 31 / Trend I.Khalilova /  

Based on the payments balance published by the Central Bank of Azerbaijan (CBA), in 2009, the current account surplus of payments balance of amounted to $10.2 billion compared to $16,454 billion in 2008, the Bank reported today. The volume of surplus fell by 38.2 percent.

"As in previous years, foreign economic operations of oil and gas sector recorded a red surplus, but black surplus - on non-oil sector. The current-account surplus of oil and gas sector at $14.8 billion allowed to completely cover the current account deficit on non-oil sector, which reached 4.6 billion," the CBA said.

Income from oil and gas are formed mainly thanks to exports of oil and natural gas, and foreign capital involved in this sector. This sector's payments are carried out as a result of profits and repatriation of investment, imports of equipment and services. In 2009, the red surplus on oil and gas sector reached $13.1 billion.

In 2009, total foreign trade turnover amounted to $27.6 billion and red foreign trade surplus - $14.6 billion (down by 36.6 percent). In addition, goods worth $6.514 billion imported and export operations - $21.097 billion.

During the report period, trade relations were established with140 countries. While 10.4 percent of turnover fell to the transactions with the CIS countries and 89.6 percent - other foreign countries. Intensive trade relations were observed with Italy, U.S., France, Israel, Turkey, Russia, Taiwan, Indonesia, Canada and Britain. 69.8 percent of the country's export-import operations fell to these countries.

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