Current account surplus of Azerbaijan's balance payments exceeds $7 bln

Business Materials 20 September 2011 11:44

Azerbaijan, Baku, Sept. 20 / Trend, N.Ismayilova /

Based on the payments balance published by the Central Bank of Azerbaijan (CBA), the current account surplus of payments balance amounted to $10.2 billion in the first half of 2011. The current account surplus of oil and gas sector amounted to $13.7 billion, the CBA said.

The trade surplus amounted to $ 7.55 billion as of six months.

The current-account surplus of oil and gas sector at $3.5 billion allowed to completely covering the current account deficit on non-oil sector, the CBA said.

The analysis of the payment balance on the sectors showed that, as in previous years, black ink was observed in the foreign trade operations in the oil and gas sector in the first half-year and red ink in the non-oil sector.

Total foreign trade turnover amounted to $22.8 billion and black foreign trade surplus - $13.7 billion for the first half-year. Moreover, goods were imported in the amount of $4.57 billion and export operations - $18.251 billion.

During the report period, trade relations were established with 138 countries. While 13.2 percent of turnover fell to the transactions with the CIS countries and 86.8 percent - other foreign countries. Intensive trade relations were observed with Italy, U.S., France, Turkey, Russia, Great Britain, Ukraine, Malaysia and Indonesia. About 75.4 percent of the country's export-import operations fell to these countries.