Baku, Azerbaijan, June 17
By Anvar Mammadov – Trend:
The current account surplus of Azerbaijan's balance of payments amounted to $380.2 million in January-March 2017, said the balance of payments of the Central Bank of Azerbaijan (CBA).
The current account surplus of Azerbaijan's oil and gas sector stood at $1.5 billion in 1Q2017 compared to $522.5 million in the same period of 2016, according to the balance of payments.
The current account surplus of the country's oil and gas sector fully covers the current account deficit of the non-oil sector totaling $1.1 billion in January-March 2017, which is 15.2 percent more than in the same period of 2016.
The financial account surplus was $308 million in 1Q2017, compared to financial account deficit of $2.1 billion in the same period of 2016.
The analysis of the balance of payments in various sectors has shown that, as in previous years, foreign economic operations in the oil and gas sector had a positive balance, while those in the non-oil sector had a negative balance in the reporting period.
The total volume of the foreign trade turnover stood at $5.2 billion, while the foreign trade surplus stood at $1.9 billion in 1Q2017.
Azerbaijan maintained trade relations with 150 countries during the reporting period. Some 12.5 percent of trade turnover accounted for the CIS countries, while 87.5 percent accounted for other countries.
Azerbaijan's reserve assets increased by $464 million in 1Q2017 compared to a $1.27-billion decrease in the same period of 2016.