Current account surplus of Azerbaijan’s oil, gas sector revealed

By  Trend

The current account deficit of Azerbaijan's balance of payments amounted to $801.9 million in January-June 2016, according to the balance of payments made public by the Central Bank of Azerbaijan (CBA).

The current account surplus of Azerbaijan's oil and gas sector stood at $2 billion in January-June 2016, according to the balance of payments.

Additionally, the current account surplus of the country's oil and gas sector covers almost 72 percent of the deficit of the non-oil sector totaling $2.8 billion. The average price of oil was $38 per barrel, while a year earlier it was at the level of $54 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 January-June 2016.

The total volume of the foreign trade turnover stood at $10.6 billion, while the surplus of the foreign trade balance stood at $1.9 billion in Jan.-June 2016.

Azerbaijan maintained trade relations with 166 countries during the reporting period. Some 13.6 percent of trade turnover accounted for the CIS countries, while 86.4 percent - other countries.

Azerbaijan was involved in intensive trade with Turkey, Italy, UK, Germany, Russia, US, Japan, France, Taiwan and China. Some 67.5 percent of export-import operations in Azerbaijan accounted for these countries.

Azerbaijan's reserves decreased by $1.252 billion in January-June 2016.