Current account surplus of Azerbaijan exceeded $8 billion

Business Materials 12 September 2012 14:45 (UTC +04:00)

Azerbaijan, Baku, Sept 12 /Trend A.Hasanov/

The current account surplus for the first half of this year amounted to $8.16 billion, decreasing by 20.1 per cent over the year, the Central Bank of Azerbaijan (CBA) said.In particular, the current account surplus of oil and gas sector totalled $12.5 billion.

Current account surplus of the oil and gas sector fully covered the current account deficit in the non-oil sector to the sum of $4.3 billion. Overall surplus of the payments balance amounted to $3.92 billion.

The analysis of the balance of payments by sector showed that foreign trade operations in the oil and gas sector had a surplus while the non-oil sector did not in January-June 2012.

The total volume of foreign trade turnover in the first six months of this year amounted to $22 billion, with the trade surplus at $12.4 billion. The import of goods was made on $4.8 billion, exports were $17.2 billion.

During the reporting period, trade relations were established with 138 countries. Some 9.5 per cent of trade accounts for the CIS countries and 90.5 per cent other countries. Intensive trade relations were made with Italy, France, USA, UK, Russia, Turkey, Israel, Germany, India and Indonesia. They account for 67.4 per cent of export-import operations in Azerbaijan.