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Azerbaijanâ€™s balance of payment: Oil is 96% in exports as food and cars in imports

17 September 2008 10:27 (UTC +04:00)

The National Bank of Azerbaijan told APA-Economics that the current account surplus rose 2.4 times, year-over-year, to $9.7 billion.

January-June 2007

January-June 2008

I.Current account surplus 3996,7 9713,0

Balance of foreign trade                                          6648,3                             14017,8
Balance of services                                                -1045,9                               -1098,7
Balance of incomes                                                -2014,6                              -3703,8
Repatriation of investment incomes                         -1938,3                              -3552,9
Balance of current transfers                                   408,9                                 497,7

II. Capital and finance flow
balance                                                                  -2646,7                              -3663,1
Direct investment                                                  -2368,2                               -1295,3
- Inflow to Azerbaijan                                             1997,2                                2059,2
- Outflow                                                               -374,4                                 -196,7
- Repariation of investment                                     -3991,0                               -3157,8
Oil bonus                                                               41,2                                      0,5
Credits and other investments                                  -319,7                               -2368,3
III. Total balance of payment                            1350,0                                  6049,9

Foreign trade turnover with 126 nations rose 72.5% to $20.4 billion and the favorable balance of foreign trade reached $14 billion.
The country carried out 8.1% of foreign trade with CIS countries and 91.9% with faraway countries.
Besides, commodities exports increased 1.9 times on last year to $17.2 billion during January-June.
Oil products accounted for 96% of exports and oil products worth $16.5 billion were shipped to foreign countries, up 1.9 times on the same period last year.
Crude oil made $15.4 billion of the total oil exports.

Non-oil exports increased 17.5% to $674.3 billion because of the growth in exportation of chemicals, nonferrous and ferrous metals.
The total cost of consumer goods imports increased 25.4% or $274.1 million compared to last year.
Foodstuff imports accounted for $117 million and cars constituted $91 million of this growth.
Consumer goods of $1 351.2 million, including humanitarian goods ($17.5 million) and imports by individuals ($499 million) were imported to the country. Foods made 33.7% of this.
The share of machines and equipment bought through foreign investments was 12.3% in imports.
88.1% of this was capital goods imported for oil and gas contracts.
Besides, machines, equipment, chemicals, ferrous and nonferrous metals worth $1 468.7 million were imported for production in the country.