Finance

Home page

Finance

Azerbaijan sees 1H09 balance of payments deficit narrow

15 September 2009 14:56 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-ECONOMICS. Azerbaijanâ€™s balance of payments deficit for the first half 2009 reached $483 million, compared to a deficit of $2 042.7 million during the first quarter.
The favourable balance of payment for January-June 2008 was $6 049.9 million.

The Central Bank of Azerbaijan told APA-Economics that the current account surplus contracted by twofold, year-over-year, to $4 480.8 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):

Second quarter 2008

Second quarter 2009

I. Current account surplus 9713,0                                                 4480,8
Balance of foreign trade                                14 017,8                                             5 914,9
Balance of services                                    - 1 098,7                                                - 600,2
Balance of incomes                                       - 3 703,8                                              - 1 161,4
Repatriation of investment incomes       - 3 552,9                                              - 1 060,9
Balance of current transfers                                497,7                                                   327,4

II. Capital and finance flow            -3663,1                                                 -4963,8
Direct investment                             - 1 295,3                                                     93,9
- Inflow to Azerbaijan                       2 059,2                                                 1 519,7
- Outflow                                  - 196,7                                                  - 143,7
- Repatriation of investment                - 3 157,8                                               - 1 281,7
Credits and other investments               - 2 368,3                                                - 5 057,7
III. Total balance                                  6 049,9                                                  - 483,0

Foreign trade turnover with 120 nations was $11.8 billion and the favorable balance of foreign trade reached $5.9 billion for the two quarters.
The country carried out 11.6% of foreign trade with CIS countries and 88.4% with faraway countries.

Exports
	Second quarter 2008	Second quarter 2009
Fuels:	16 829,3	7 997,9
- Oil products	16 544,3	7 908,5
-Other goods	285,3	89,4
Machines and equipment	126,4	67,6
Consumer goods	252,0	242,2
Other commodities	25,4	535,8
Exports in total	17 233,1	8 843,5

Imports
	Second quarter 2008	Second quarter 2009
Consumer goods:	1 351,2	1 305,7
- Foodstuffs	454,9	433,6
- Non-food products	896,3	872,1
Investment goods	395,3	320,7
Other goods	1 468,7	1 302,2
Imports in total	3 251,2	2 928,6