Azerbaijan, Baku, June 16 / Trend N.Ismayilova /
Based on the payments balance published by the Central Bank of Azerbaijan (CBA), in January-March, the current account surplus of payments balance of amounted to $3.9 billion compared to $1.8 billion in the same period of 2009, the Bank reported today. The volume of surplus increased by 2.2 times.
The current-account surplus of oil and gas sector at $4.7 billion allowed to completely cover the current account deficit on non-oil sector, which reached $0.8 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 the first quarter, the red surplus on oil and gas sector reached $4.8 billion.
Total foreign trade turnover amounted to $7.5 billion and red foreign trade surplus - $5 billion in January-March 2010. In addition, goods worth $1.22 billion imported and export operations - $6.26 billion.
During the report period, trade relations were established with 110 countries. While 11.5 percent of turnover fell to the transactions with the CIS countries and 88.5 percent - other foreign countries. Intensive trade relations were observed with Italy, U.S., France, Israel, Turkey, Russia, India, Croatia and Ukranie. 75 percent of the country's export-import operations fell to these countries.
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