Baku, Azerbaijan, March 31
By Anvar Mammadov - Trend:
The current account surplus of Azerbaijan's balance of payments in 2017 amounted to $1.7 billion, according to the balance of payments of the Central Bank of Azerbaijan (CBA), published on March 31.
Azerbaijan completed 2016 with a current account deficit of the balance of payments at $1.36 billion.
The current account surplus of Azerbaijan's oil and gas sector stood at $7.4 billion in 2017 compared to $4.4 billion in 2016, according to the balance of payments.
The current account surplus of the country's oil and gas sector completely covers the deficit of the non-oil sector totaling $5.7 billion, which is $56 million less than in 2016.
The current account deficit decreased by 13.7 times compared to 2016 and amounted to $201.4 million in 2017.
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 2017.
Azerbaijan maintained trade relations with 185 countries during the reporting period. Some 15 percent of trade turnover accounted for the CIS countries, while 85 percent accounted for other countries.