TODAY.AZ / Business

CBA reports $12 bln abroad investment in 2013

27 March 2014 [09:45] - TODAY.AZ
By AzerNews

Azerbaijan invested $11.8 billion abroad in 2013, the balance of payments for 2013 published by the Central Bank of Azerbaijan (CBA) said.

The amount was generated through direct investments ($1.478 billion), portfolio investments ($322.8 million), and other investments ($9.959 billion).

The oil and gas sector receive $1.039 billion of the direct investments, while $438.9 million fell to other sectors.

Other investments included trade loans and advances ($4.83 billion), loans and advances ($256 million), and deposits and cash ($4.87 billion).

The commitments worth $5.27 billion were formed in Azerbaijan in 2013, some $2.617 billion of which fell to direct investments, while $1.04 billion fell to portfolio investments.

FDI in Azerbaijan's economy amounts to $6.3 bln

The balance of payments of 2013 also shows that the total volume of foreign direct investments in Azerbaijan's economy amounted to $6.3 billion in 2013, and the specific weight of the oil and gas sector in this volume stood at 82.4 percent.

These investments were used to finance work in Azerbaijan, mainly carried out under oil and gas projects by BP Exploration Ltd (Shah Deniz) and the Azerbaijan International Operating Company (AIOC) at the Azeri-Chirag-Gunashli block of fields.

The volume of direct investments in the non-oil sector amounted to $1.108 billion, accounting for 17.6 percent of the total volume of direct investments attracted in the country, the CBA estimations shows.

Current account surplus amounts to over $12 bln

The CBA also said as of 2013, Azerbaijan's current account surplus amounted to $12.3 billion, 17.22 percent less than the same period in 2012.

The current account surplus of the oil and gas sector in Azerbaijan amounted to $22.1 billion.

The total payment balance surplus amounted to $3.84 billion, showing a 20.48 percent decrease.

The total foreign trade turnover in 2013 amounted to $42.9 billion, and the trade surplus was $20.6 billion. During the reported period, trade relations were maintained with 152 countries. In this case, 9.9 percent of the trade turnover accounted for the CIS countries and 90.1 percent for other foreign countries.

Broad trade relations were observed with Italy, the UK, Turkey, the United States, Russia, Thailand, Indonesia, Germany, Japan, and France, and about 68.9 percent of Azerbaijan's export-import operations fell to these countries.

The CBA also said the total cost of transactions on secondary income carried out by Azerbaijan and foreign countries amounted to $3.3 billion in 2013, around 50.1 percent of which fell to incoming revenue for the country.

In general, the surplus on transactions with the country's secondary income totaled $6.7 million.

Mutually provided services hold a leading position in foreign trade ties

Mutually provided services hold one of the leading positions in Azerbaijan's foreign trade relations totaling $12.4 billion in 2013.

Services worth $8.3 billion were rendered by non-residents to Azerbaijani residents, the balance of payments shows. Azerbaijani residents rendered services worth $4.1 billion to the residents of foreign countries.

Some 14.4 percent in the balance of mutually provided services fall to transport services.
In total, the rendered transport services cost $1.798 billion. Around 54.6 percent fell to the use of transport systems of foreign countries by Azerbaijani residents. The cost of transportation services rendered by Azerbaijani residents to non-residents amounted to $815.4 million.

The specific weight of mutually provided services in the total volume of Azerbaijan's export-import operations with foreign countries reached 22.5 percent in 2013.

The cost of tourist services rendered to foreigners visiting Azerbaijan totaled $2.4 billion in 2013. Services rendered to non-residents visiting Azerbaijan on business trips consist 36.6 percent.

Tourism services rendered to Azerbaijani residents by foreign countries increased by 16.1 percent compared to 2012, reaching $2.9 billion. Some 62.3 percent of expenditures fell to personal services.

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