Payment balance of azerbaijan (January-August 2010)

The Central Bank of Azerbaijan (CBA) reported today that the current account surplus of balance payments was $7.961 billion in the first half of this year compared to $4.481 billion during the same period in 2009. The volume of surplus rose by 1.8 times.  

As in previous years, black-ink foreign trade surplus was seen during foreign economic operations in the oil and gas sector, and red ink surplus in the non-oil sector. The current account surplus of the oil and gas sector is $10.1 billion, which fully covered the current $2.1-billion account deficit of the non-oil sector, the CBA told Trend.

Income from oil and gas is formed mainly thanks to oil and natural gas exports, and the foreign capital engaged in this sector. Sector payments are carried out as a result of profits and investments repatriation, and equipment and services imports. In the first half of 2010, the red surplus in the oil and gas sector reached $9.9 billion.

The total foreign trade turnover amounted to $16.1 billion, with the black-ink foreign trade surplus reaching $10.2 billion in January-March 2010. In addition, goods worth $2.956 billion were imported and export operations amounted to $13.192 billion.

During the reporting period, trade relations were established with 130 countries. Roughly 12.3 percent of the turnover fell to transactions with CIS countries and 87.7 percent fell to other foreign countries. Intensive trade relations were observed with Italy, the United States, France, Israel, Turkey, Russia, India, Croatia and Ukraine. Seventy-two percent of the country's export and import operations fell to these countries.

Платежный баланс Азербайджана за первое полугодие 2010 года

Major indices of payment balance

In mln dollars

1

2

CURRENT ACCOUNT

4059

FOREIGN TRADE BALANCE

5196

Goods export

6934

Oil export

6576

Other sectors

358

Goods import

-1738

Oil sector

-244

Other sectors

-1494

Service balance

-359

Oil sector

-258

Other sectors

-101

Transport

-37

Construction

-65

INCOME

-922

Loan (income)

27

Debit (payment)

-949

CURRENT TRANSFERS

144

ACCOUNT OF CAPITAL AND FINANCES MOVEMENT

-1106

DIRECT INVESTMENTS

110

In Azerbaijani economy

755

In foreign economy

-63

Repatriation of investments

-582

Oil bonuses

0

PORTFOLIO AND OTHER INVESTMENTS

-1216

Balancing articles

-519

Change of reserve asserts

("-" - rose, "+" - fell)

-2434

Balance

0

Goods export

Azerbaijan exported oil and gas products worth $12.5 billion in the first half of 2010. The figure is 94.7 percent of the country's total exports. Oil and gas exports jumped 48 percent compared to the same period last year. Its share in the total exports was 95.4 percent.

It testifies for dominant position of oil and gas field products in the export operations.

Some $746.9 million of the oil export fell to oil-refining products. Meanwhile, the country also exported crude oil worth $11.3 billion. The Azerbaijan International Operating Consortium exported crude oil worth $10.7 billion. Products worth $607.6 million were exported abroad by other enterprises. It includes gas condensate from the Shah-Deniz in the amount of $63.1 million, and SOCAR's crude oil in the amount of $544.5 million.

During the reporting period, exports in the non-oil sector reached $702.7 million.

Exports during the first half of this year amounted to $13.2 billion.

Investments

The total foreign capital invested in the Azerbaijani economy in the first half of this year in the form of direct investments reached $1.460 billion, the Central Bank of Azerbaijan reported yesterday. Roughly 80.5 percent accounted for the oil and gas sector.

Investments in the sector increased by 6.07 percent to $1.175 billion compared to 2009.

The investments were used to finance construction activities under major oil projects implemented by BP Exploration Ltd. and the Azerbaijan International Operating Consortium at the Shah Deniz and Azeri-Chirag-Guneshli fields.

According to assessments, the foreign direct investments in the non-oil sector reached $285 million, or 30.7 percent less than during the same period last year. Their share in the total foreign direct investments comprised roughly 19.5 percent.

Loans

The share of direct government and government-guaranteed loans, loans and borrowings attracted in the private sector, deposits and other investments comprised 61.3 percent of the total foreign investments in Azerbaijan in the first half of this year, the Central Bank of Azerbaijan (CBA) eported today. The total figure hit $2.309 billion, which is 2.3 times more than during the same period in 2009.

"The increase is due to loans attracted in the oil and gas sector and by banks," the CBA said.

Loans worth $321.5 million (13.9 percent) were attracted from international financial and other organizations under state guarantees and directly by state. This is 48.8 percent more than during the same period last year. The share of unsecured loans reached 53.4 percent ($1.233 billion). The figure was 3.5 times more than during the same period in 2009.

During the reporting period, banks attracted foreign borrowings worth $955.8 million - an increase of 4.6 times. The oil and gas sector borrowed $179.1 million without government guarantees compared to $33.8 million in the first half of last year. Other businesses and companies received loans worth $98.9 million ($107 million).

The total amount of foreign capital attracted in the economy increased 1.5 times to $3.8 billion. The figure was formed at the expense of direct investments and foreign loans.

Income from payments and revenues

The Central Bank of Azerbaijan (CBA) reported today that the total turnover of incomes and revenue payments in the first half of this year was $1.977 billion. Roughly $1.847 billion(93.4 percent) were payments made by the government.

The bulk of payments ($1.440 billion) were income repatriations (including crude oil), and fell to foreign investments from international oil consortiums, salary payments to non-residents ($62.9 million), and interest on used loans ($88.3 million).

Azerbaijan has received $130 million from abroad. The interest received from money management at the State Oil Fund of the Azerbaijan Republic amounted to $14.8 million, with CBA foreign exchange reserves hitting $8.7 million, and banks assets placed from abroad reaching $2.2 million.

During the first half of 2010, the country's reserve assets amounted to $5.006 billion.

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