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Current account surplus of Azerbaijani balance of payments drops

Date: 17 December 2015 10:37

Baku, Azerbaijan, Dec.17
By Ilaha Mammadli – Trend:

The current account surplus of Azerbaijan’s balance of payments stood at $240.5 million as of Jan.-Sept. 2015, or 37.8 times less than in the same period of 2014, according to the balance of payments made public by the Central Bank of Azerbaijan Dec.17.

The current account surplus of Azerbaijan’s oil and gas sector amounted to $5.442 billion during the reporting period, said the document.

Additionally, the current account surplus of the country’s oil and gas sector fully covers the deficit of the non-oil sector totaling $5.202 billion.

The balance of payments deficit stood at $9.141 billion in Jan.-Sept. 2015, while it had a surplus totaling $5.387 billion in the same period of 2014.

During the calculation of the balance of payments, the average price of oil was $51 per barrel, while a year earlier it was at the level of $102 per barrel.

The analysis of the balance of payments in various sectors shows that like in previous years, the 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 Jan.-Sept. 2015.

The total volume of the foreign trade turnover stood at $19.3 billion in Jan.-Sept. 2015, while the surplus of the foreign trade balance stood at $5.3 billion.

Azerbaijan maintained trade relations with 155 countries during the reporting period. While 9.8 percent of trade turnover accounted for the CIS countries, the other 90.2 percent applied to foreign countries.

Azerbaijan was involved in intensive trade with Turkey, Italy, Great Britain, Germany, Russia, US, Japan, France, Israel and China. Some 67.1 percent of export-import operations in Azerbaijan accounted for these countries.

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