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Current account surplus of country’s energy sector exceeds $522M

16 June 2016 16:51 (UTC+04:00)
Current account surplus of country’s energy sector exceeds $522M

The current account deficit of Azerbaijan's oil and gas sector stood at $522.5 million in January-March 2016 compared to $2.146 billion as of January-March 2015, according to the balance of payments made public by the Central Bank of Azerbaijan (CBA).

Additionally, the current account surplus of the country's oil and gas sector covers almost 55 percent of the deficit of the non-oil sector totaling $954.6 million.

On the whole, the current account deficit of Azerbaijan's balance of payments amounted to $432.1 million in January-March. For comparison, the current account balance of Azerbaijan's balance of payments was positive and at a level of $108 million in January-March 2015.

Azerbaijan's reserves decreased by $1.271 billion in January-March 2016 (reserves decreased by $4.591 billion in the first quarter of 2015).

During the calculation of the balance of payments, the average price of oil was $29 per barrel, while a year earlier it was at the level of $51 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-March 2016.

The total volume of the foreign trade turnover stood at $4.5 billion, while the surplus of the foreign trade balance stood at $622 million.

Azerbaijan maintained trade relations with 144 countries during the reporting period. Some 11 percent of trade turnover accounted for the CIS countries, while 89 percent - other countries.

Azerbaijan was involved in intensive trade with Turkey, Italy, UK, Germany, Russia, US, Japan, France, Singapore and the Czech Republic. Some 65.6 percent of export-import operations in Azerbaijan accounted for these countries.

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