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Azerbaijan posts 1Q09 balance of payments deficit

17 June 2009 16:26 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-ECONOMICS. Azerbaijanâ€™s balance of payments deficit for the first quarter 2009 reached $2 042.7 million, compared to $1 760.6 million worth of balance of payments surplus during the same period last year .

The Central Bank of Azerbaijan told APA-Economics that the current account surplus contracted by twofold, year-over-year, to $1 795.1 million because foreign trade surplus dropped by 2.8 times.

According to figures, there was a surplus in foreign trade in oil and gas and a deficit in non-oil trade.

Balance of payment (mln. USD):

First quarter 2008

First quarter 2009

I. Current account surplus3683,3                                               1795,1
Balance of foreign trade                           5816,1                                              2110,7
Balance of services                                   -508,0                                               -268,3
Balance of incomes                                   -1857,2                                              -214,3
- Repatriation of investment incomes             -1885,2                                              -241,5
Balance of current transfers                        232,4                                               167,0

II. Capital and finance flow                 -1922,7                                                 -3837,8
Direct investment                                   -1177,6                                                  102,2
- Inflow to Azerbaijan                               1006,2                                                  760,7
- Outflow                                                -158,7                                                   -52,9
- Repatriation of investment                    -2025,1                                                 -605,6
Credits and other investments                   -745,1                                                -3940,0

III. Total surplus 1760,6 -2042,7

Foreign trade turnover with 108 nations was $5.1 billion and the favorable balance of foreign trade reached $2.1 billion.
The country carried out 13.3% of foreign trade with CIS countries and 86.7% with faraway countries.
Besides, commodities exports reached $3.6 billion.
Oil products accounted for 88.4% of exports and $3.2 billion worth of oil products were shipped to foreign countries.
Crude oil made $2.9 billion and oil products accounted for $245.6 million of the total oil exports.

Exports
	First quarter 2008	First quarter 2009
Fuels:	7 097,7	3 201,3
- Oil products	6 972,4	3 171,5
-Other goods	125,3	29,8
Machines and equipment	31,0	39,1
Consumer goods	100,7	97,8
Other commodities	7,6	249,4
Exports in total	7 237,0	3 587,6

The total cost of consumer goods imports increased by 7.8% from a year ago to $1 477 million.

Imports
	First quarter 2008	First quarter 2009
Consumer goods:	587,1	633,1
- Foodstuffs	204,1	231,5
- Non-food products	383,0	401,6
Investment goods	162,1	179,4
Other goods	671,7	664,5
Imports in total	1 420,9	1 477,0