Export/import ratio slumps to 1.44 in Azerbaijan

Baku. 19 December. REPORT.AZ/ In third quarter of 2016, there was a deficit of 312 mln USD in current account of the balance of payments. During same period of last year, the current account completed with a surplus of 177 mln USD.

During January-September 2016 there was a deficit of 113 mln USD in current account and 240 mln USD surplus during the same period of 2015.

Report informs referring to the Central Bank of Azerbaijan (CBA), foreign trade balance completed with a positive balance of 980 mln USD.In the same period last year there was a surplus of 1 544 mln USD.

Statistics show that the national currency - manat, despite the devaluation of more than 2 times, imports remained almost constant. So in January-September 2014 imports amounted to 6 724 mln USD, 7 021 mln USD in the same period of 2015 and 6 619 mln USD in first 9 months of the current year.With regard to the export of goods in first 9 months of 2014, the figure was 22 117 mln USD and 12 323 mln USD during the same period of 2015.

Thus, the export / import ratio in these periods were 3.29, 1.75 and 1.44 respectively.

During first 9 months of 2016, negative balance was 2 270 bln USD which is less by 1 163 mln USD or 33.9% compared to the same period of previous year.95.5% of negative balance accounted for funds paid for the construction services.In general, the negative balance of the current account of the balance of services amounted to 514 mln USD in third quarter.

The initial income payments for the first 9 months of the year amounted to 1 798 mln USD. It is almost unchanged compared to the same period of last year.