Current account surplus of Azerbaijan's oil and gas sector covers deficit in non-oil sector
Azerbaijan, Baku, Dec. 14 / Trend N.Ismayilova /
Based on the payments balance published by the Central Bank of Azerbaijan (CBA), in January-September, the current account surplus of payments balance of amounted to $12 billion, the Bank reported today.
The current-account surplus of oil and gas sector at $15.4 billion allowed to completely cover the current account deficit on non-oil sector, which reached $3.4 billion, the CBA said.
Analysis of the payments balance by sector showed that, as in previous years, in January-September 2010, foreign economic operations in the petroleum sector had a black surplus, while non-oil sector - red. In the first quarter, the black ink on oil and gas sector reached $15.3 billion.
Total foreign trade turnover amounted to $24.7 billion and black ink in foreign trade - $15.4 billion in January-September 2010. In addition, goods worth $4.66 billion imported and export operations - $20.08 billion.
During the report period, trade relations were established with 140 countries. While 12 percent of turnover fell to the transactions with the CIS countries and 88 percent - other foreign countries. Intensive trade relations were observed with Italy, U.S., France, Israel, Turkey, Russia, UK, Ukraine, Indonesia and Malaysia. 70.6 percent of the country's export-import operations fell to these countries.