Azerbaijan's payments balance surplus exceeds $10 bln

Business Materials 14 December 2011 12:45 (UTC +04:00)

Azerbaijan, Baku, Dec.14 / 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 $14.4 billion in the third quarter of 2011 increasing by 20.4 percent during the year. The current account surplus of oil and gas sector amounted to $20.2 billion, the CBA said.

The current-account surplus of oil and gas sector at $5.8 billion allowed to completely covering the current account deficit on non-oil sector, the CBA said.The total payments balance surplus amounted to $10.433 billion.

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 January-September 2011 and red ink in the non-oil sector.

Total foreign trade turnover amounted to $34.1 billion and black foreign trade surplus - $19.6 billion. 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 148 countries. While 13 percent of trade turnover fell to the transactions with the CIS countries and 87 percent - other foreign countries. Intensive trade relations were observed with Italy, U.S., France, Turkey, Russia, Great Britain, Ukraine, Malaysia, Indonesia and Germany. Some 74.3 percent of Azerbaijan's export-import operations fell to these countries.