Report: Trade surplus in Azerbaijan will end with positive balance in 2016

Baku. 2 February. REPORT.AZ/ Foreign trade balance of Azerbaijan at the end of 2016 completed with a surplus of 7 bln USD. 

Analytical Group of Report agency believes, if this year's average oil price will be laid at a rate of 40 USD a barrel, the export volumes of oil and gas sector for the quarter will make 2.7 bln USD. The comparable figure in non oil sector is projected at the average amount of 400 mln USD.Average import volumes for the quarter was estimated at 1.3 bln USD.As a result, averaged trade surplus will equal 1.8 bln USD, and at the end of the year this figure will reach about 7 bln USD.

Note that in the first quarter of 2016, a serious decline in imports expected.This is due to a decrease in purchasing power due to the sharp rise in price of imported goods after the second December devaluation.In addition, the rise in price of imported goods contributed to the increase in costs for the customs clearance of goods as a result of changes made in customs procedures.Note that in 2015 the volume of imports in I quarter amounted to 2.1 bln. USD, but in the III quarter has decreased to 1.5 bln USD.According to forecasts, due to these reasons, in 2016 the average quarterly value of imports in the non-oil sector amounted to 1 bln USD in oil and gas sector - 300 mln USD.

In general, despite the fact that the balance of payments for the first three quarters of 2015 ended with a negative balance of 9.14 bln USD, taking into account the positive changes in a number of components of the balance of payments in 2016, the total deficit is not expected to exceed 4 bln USD.