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Azerbaijan posts fivefold growth in balance of payments surplus

15 December 2008 13:19 (UTC +04:00)

The National Bank of Azerbaijan told APA-Economics that the current account surplus rose 2.5 times, year-over-year, to $14.8 billion.

Â Balance of payment (mln. USD)
Â	January-September, 2007	January-September, 2008
I. Current account surplus	Â *5 895,6*	Â *14 796,4*
Balance of foreign trade Â Â Â Â Â Â Â Â Â Â	10 155,4	20 747,6
Balance of services	- 1 579,7	- 1 784,6
Balance of incomes	- 3 402,7	- 4 919,7
Repatriation of investment incomes	- 3 297,1	- 4 845,5
Balance of current transfers	722,6	753,1
*II.* Capital and finance flow	Â *- 3 761,9*	Â *- 3 983,7*
Direct investment	- 3 146,9	- 676,7
- Inflow to Azerbaija	3 175,8	2 959,4
- Outflow	- 212,9	- 277,8
- Repatriation of investment	- 6 109,8	- 3 358,3
Oil bonus	46,2	3,5
Credits and other investments	- 661,2	- 3 310,5
*III. Total surplus*	Â *2 133,7*	Â *10 812,7*

Foreign trade turnover with 135 nations rose 71.8% to $31.7 billion and the favorable balance of foreign trade reached $20.75 billion.
The country carried out 8.9% of foreign trade with CIS countries and 91.1% with faraway countries.
Besides, commodities exports increased 1.8 times on last year to $26.2 billion during January-September.
Oil products accounted for 95.6% of exports and oil products worth $25.1 billion were shipped to foreign countries, up 1.9 times on the same period last year.
Crude oil made $23.4 billion and oil products accounted for $1.7 billion of the total oil exports.

Â Exports (mln. USD)
Â	January-September, 2007	January-September, 2008
Fuels:	13 701,9	25 633,8
- Oil products	13 448,1	25 090,9
-Other goods	253,8	542,9
machines and equipment	180,5	179,1
Consumer goods	362,6	377,8
Other commoditiesÂ	69,6	52,7
Exports in total	14 314,6	26 243,4

The total cost of consumer goods imports increased by 25.7% from a year ago.
Consumer goods of $2Â 187.1 million, including humanitarian goods ($23.3 million) and imports by individuals ($833.6 million) were imported to the country. Foods made 32.6% of this.
The share of machines and equipment bought through foreign investments was 12.4% in imports.
82.6% of this was capital goods imported for oil and gas contracts.
Besides, machines, equipment, chemicals, ferrous and nonferrous metals worth $2Â 628.2 million were imported for production in the country.

Â Imports (mln. USD)
Â	January-September, 2007	January-September, 2008
Consumer goods:	1 740,3	2 187,1
- Foodstuffs	537,9	714,0
- Non-food products	1 202,4	1 473,1
Investment goods	763,1	680,5
Other goods	1 655,8	2 628,2
Imports in total	4 159,2	5 495,8