Payment balance of Azerbaijan (january-september 2011)

According to the Central Bank of Azerbaijan (CBA) on payment balance, in January-September 2011 the foreign economic operations in the oil and gas sector had black ink, while in non-oil sector - red ink.

In January-September 2011 the black ink in the oil sector amounted to $20.4 billion. Incomes from oil and gas sector are formed mainly at the expense of exports of crude oil and natural gas and foreign capital attracted into this sector. Payments for this sector are carried out as a result of profit and repatriation of investment, imports of equipment and services.

Payment balance of Azerbaijan for January-September 2011, ths dollar

Main indicators of payment balance

Loans (incomes)

Debit (payments)

Balance

1

2

3

4

А. CURRENT ACCOUNT

30784447

16360493

14423954

Oil sector

25742976

5514959

20228017

Other sectors

5041471

10845534

-5804063

FOREIGN TRADE BALANCE

26831913

7227709

19604204

Oil sector

25713164

737559

24975605

Other sectors

1118749

6490150

-5371401

Goods export

26831913

26831913

Oil sector

25713164

25713164

Other sectors

1118749

1118749

Goods import

7227709

-7227709

Oil sector

737559

-737559

Other sectors

6490150

-6490150

Service balance

1895457

3904180

-2008723

Oil sector

1132773

-1132773

Other sectors

1895457

2771407

-875950

Transport

576651

654518

-77867

Tourism

832802

1151261

-318459

Communications

65194

44651

20543

Construction

70685

319993

-249308

Oil sector

32533

-32533

Other sectors

70685

287460

-216775

Financial services

275

4137

-3862

Governmental services

82422

68090

14332

Other business services

267428

1661530

-1394102

Oil sector

1100240

-1100240

Other sectors

267428

561290

-293862

Incomes

662408

4365798

-3703390

Oil sector

29812

3644627

-3614815

Other sectors

632596

721171

-88575

CURRENT TRANSFERS

1394669

862806

531863

B. ACCOUNT OF CAPITAL AND FINANCES MOVEMENT

5811477

9312699

-3501222

Oil sector

2848567

2630378

218189

Other sectors

2962910

6682321

-3719411

ACCOUNT OF CAPITAL MOVEMENT

30534

14443

16091

CAPITAL TRANSFER

16220

3040

13180

SALE OF INTANGIBLE ASSETS (lands etc)

14314

11403

2911

ACCOUNT OF FINANCES MOVEMENT

5780943

9298256

-3517313

DIRECT INVESTMENTS

3122656

2484314

638342

Oil sector

2422284

2233400

188884

Other sectors

700372

250914

449458

OIL BONUSES

20000

20000

PORTFOLIO INVESTMENTS

43754

232022

-188268

OTHER INVESTMENTS

2594533

6581920

-3987387

Oil sector

406283

396978

9305

Other sectors

2188250

6184942

-3996692

Assets

2443

5069334

-5066891

Commercial loans and payments

2772870

-2772870

Loans and borrowings

2443

655125

-652682

Deposits and cash currency

1641339

-1641339

Liabilities

2592090

1512586

1079504

Commercial loans and payments

258420

258420

Loans and borrowings

2245470

1512586

732884

Deposits and cash currency

88200

88200

C. BALANCING ARTICLES

10433430

-10433430

10433430

D. OTHER RESERVE ASSERTS

489302

-489302

BALANCE

36595924

36595924

0

Main indicators of Azerbaijan's payment balance

mln USD

Main indicators of payment balance

January-September 2010

January-September 2011

I. Balance of current account

11977,1

14424,0

Foreign trade balance

15417,7

19604,2

Balance of services

-1152,0

-2008,7

Balance of incomes

-2685,6

-3703,4

- Repatriation of investments

-2216,1

-3533,6

Balance of current transfers

397,0

531,9

II. Balance of capital flow

-3673,0

-3990,6

Direct investments

325,8

638,4

- in Azerbaijan's economy

2271,9

3108,3

- in foreign economy

-170,4

-346,3

- Repatriation of investments

-1775,7

-2123,6

Loans and other investments

-3998,9

-4649,0

Oil bonuses

20,0

III. Payment balance (change of reserve assets of country)

8304,1

10433,4

Account of current operations

The current account surplus for January-September 2011 amounted to $14.4 billion. The current account surplus of the oil and gas sector is $20.2 billion, which fully covers the current $5.8 -billion account deficit of the non-oil sector.

Foreign trade balance

The total foreign trade turnover amounted to $34.1 billion, with the black-ink foreign trade surplus reaching $19.6 billion in January-September.

During the reporting period, trade relations were established with 148 countries. Roughly 13 percent of the trade turnover fell to transactions with the CIS countries and 87 percent fell to other foreign countries. Intensive trade relations were observed with Italy, the United States, France, Turkey, Russia, Ukraine, UK, Japan, Germany and Indonesia. Some 74.3 percent of the country's export and import operations fell to these countries.

Main trade partners of Azerbaijan in January-September 2010

mln USD

Trade turnover

Export

Import

Balance

Italy

7232

7063

169

+6894

France

3463

2995

468

+2527

USA

3147

2778

369

+2409

UK

2893

2605

288

+2317

Russia

2188

960

1228

-268

Turkey

2107

1250

857

+393

Ukraine

1267

899

368

+531

Japan

1240

1081

159

+922

Germany

947

158

789

-631

Indonesia

815

804

11

+793

Others

8761

6239

2522

+3717

In total

34060

26832

7228

+19604

Including

CIS countries

4425

2577

1848

+729

Other states

29635

24255

5380

+18875

Export: Azerbaijan exported oil products worth $24.7 billion abroad in January-September 2011, according to the Central Bank of Azerbaijan (CBA) payment balance. The share of oil and gas products in the structure of exported products ($26.8 billion) hit 95.8 percent.

Some $1.3 billion of the total volume of exported oil products accounted for oil refinery products, while the country exported oil worth $23.4 billion. The Azerbaijan International Operating Company (AIOC) produced oil in amount of $22.3 billion of the total volume of the exported products. Other enterprises exported oil worth $1.1 billion, $71.6 million of which accounted for condensate from the Shah Deniz field, while $1.055.4 billion accounted for the State Oil Company of Azerbaijan (SOCAR).

Total cost of exports accounting for non-oil sector hit $1.118.7 billion increasing by 14.8 percent.

The total cost of exported products amounted to $26.8 billion.

Structure of export

9 months of 2010

9 months of 2011

Amount, mln. USD

Specific weight, %

Amount, mln. USD

Specific weight, %

Export in total

20080,2

100.0

26831,9

100.0

1. Fuel resources

19301,1

96,1

26139,7

97.4

- oil and gas

19105,6

95,1

25713,2

95,8

- other resources

195,5

1.0

425,6

1.6

2.Machine and equipment

287,2

1,4

132,1

0,5

3. Consumer goods

479,3

2.4

530,9

2.0

4. Other goods

12,6

0,1

29,2

0,1

Imports. In January-September 2011, import of goods to the country amounted to $7.2 billion. The total cost of imported consumer goods amounted to $2.752.2 billion, of which $909.1 million - the food products.

Structure of import

9 months of 2010

9 months of 2011

Amount, mln. USD

Specific weight, %

Amount, mln. USD

Specific weight, %

Import in total

4662.5

100.0

7227,7

100.0

1. Consumer goods

2105,2

45,2

2752,2

38,1

- food products

727,2

15,6

909,1

12,6

- other

1378,0

29,6

1843,1

25,5

2. Investment goods

477,3

10,3

608,8

8,4

- international oil and gas consortiums

371,4

8,0

536,2

7,4

- other

105,9

2,3

72,6

1,0

3. Other goods

2080,0

44,5

3866,7

53,5

In the structure of import machinery and equipment imported into the country at the expense of foreign investments amounted to $608.8 million with a specific gravity of 8.4 percent. Some 88.1 percent of this volume accounts for goods imported into the country at the expense of investments within international oil and gas contracts. In addition, during the reporting period the country imported production machinery and equipment, chemical products, ferrous and nonferrous metals in the amount of $3.866.7 billion.

Balance of services

In January-September 2011, the service took one of the leading positions in foreign economic relations of Azerbaijan. The total amount of mutual cooperation in this sphere amounted to $5.799.6 billion. Of these services, $3.904.2 billion was provided by non-residents to the residents of Azerbaijan, and Azerbaijani residents provided services in amount of $1.895.4 million to residents of foreign countries. Thus, the balance of services was negative and amounted to $2.008.8 billion.

In the turnover of services, 21.2 percent accounted for transportation services. Total transportation services account for $1.231.2 billion. Of these, 53.2 percent fall on the Azerbaijani residents' use of the transit systems in foreign countries. And the cost of transport services rendered by residents of Azerbaijani to nonresidents in the country was $576.7 million.

Payment balance data for January-September 2011 allows also assess the situation with the tourism in the country.

In January-September 2011 the tourism services provided to foreigners visiting Azerbaijan totaled $832.8 million. Some 32.6 percent of these services were provided to non-residents who made business visits to Azerbaijan.

In turn, the tourism services provided to residents of Azerbaijan by residents of foreign countries increased by 2.2 times compared to the same period of last year and totaled $1.151.3 billion . Of these, 62.9 percent of funds was spent on personal services.

As a result, in January-September 2011 services in the total volume of import and export relations of Azerbaijan with foreign countries hit 14.5 percent.

Balance of incomes

According to balance of payments, the total turnover of payments and receipts in January-September 2011 amounted to $5.028.2 billion, of which 86.8 percent ($4.365.8 billion) accounted for the payment of Azerbaijan.

The bulk of payments ($3.558.6 billion) was made due to the repatriation of income (via oil) of foreign investors, the Azerbaijan International Operating Consortium (AIOC), $102.6 million accounted for the salaries of non-residents, $157.4 million for interest payments on loans used, including oil and gas sector.

Balance of current payments

The total amount of operations carried out with foreign countries through transfers amounted to $2.257.5 billion, of which 61.8 percent accounts for incomes to the country.

Of total revenues on current transfers, 95 percent account for the money transfers by foreign individuals, 1.5 percent of the cost of humanitarian goods imported into the country, 3.5 percent from other income. In general, the black ink from current transfers amounted to $531.9 million.

Balance of capital account and finance

The total amount of foreign capital attracted in Azerbaijan's economy in January-September 2011 amounted to $5.8 billion, a decrease of 8.7 percent. This figure is mainly formed through direct investments and foreign loans.

Structure to attract foreign capital

2010, 9 months

2011, 9 months

Amount, mln USD

Specific weight, in percent

Amount, mln USD

Specific weight, in percent

Direct investments

2271,9

39,9

3108,3

53,5

- oil and gas sector

1754,7

30,8

2422,3

41,7

- other sector

517,2

9,1

686,0

11,8

Loans and other investments

3416,2

60,1

2683,2

46,2

-loans under state guarantee

499,1

8,8

744,4

12,8

-loans without state guarantee

1887,6

33,2

1501,1

25,8

-oil and gas sector

358,4

6,3

405,2

7,0

-banks

1336,2

23,5

623,9

10,7

-others

193,0

3,4

472,0

8,1

-other investments

193,0

18,1

437,7

7,6

Oil bonuses

20,0

0,3

In total

5688,1

100.0

5811,5

100.0

Direct investments

Total direct investments in the economy amounted to $3.1 billion, where the share of oil and gas sector was 77.9 percent. These investments were used to finance the construction works on the territory of Azerbaijan within oil and gas projects by BP Exploration (Shah Deniz) Ltd and the AIOC in Azeri-Chirag-Guneshli.

According to the Central Bank of Azerbaijan, the amount of direct investments attracted to the non-oil sector amounted to $686.0 million - 22.1 percent of the total direct investments attracted in the country.

Loans and other investments

According to payments balance, in January-September 2011 the share of direct state and state-guaranteed loans, loans attracted in private sector, deposits and other investments accounted for 46.2 percent of total foreign investment.

Loans attracted by state and under the state guarantee accounted for 33.1 percent ($744.7 million). The share of unsecured loans made up $1.501.1 billion (66.8 percent). Of these, $623.9 million was attracted by the banks, $405.2 million by oil and gas sector, $472.0 million by other enterprises and companies.

Of the total amount of earlier attracted loans, $1.512.6 billion was repaid. Some 48 percent ($726 million) of repaid loans accounted for the banking system, 12 percent ($180.7 million) - state and state-guarantee loans, 19.5 percent ($295.5 million) - oil and gas sector, 20.5 percent ($310.4 million) - other enterprises and companies.

Reserve assets

Payments balance surplus for the nine months of 2011 has allowed accumulating $10.433 billion in reserve assets in addition.

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