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Sunday, February 25, 2018

Azerbaijan invested nearly $12 billion abroad in 2013

The Central Bank of Azerbaijan recently published a balance of payments that showed the country invested nearly $12 billion abroad in 2013.

Direct investments accounted for $1.478 billion, portfolio investments for $322.8 million and other investments for $9.959 billion, AzerNews reports.

The oil and gas sector received $1.039 billion of the direct investments, while $438.9 million was spent on other sectors. Other investments included $4.83 billion in trade loans and advances, $256 million in loans and advances, and $4.87 billion in deposits and cash.

The balance of payments for 2013 also showed that total foreign direct investments in Azerbaijan totaled $6.3 billion in 2013, 82.4 percent of which went to the oil and gas sector. These investments were used to finance projects by Shah Deniz and the Azerbaijan International Operating Company at the Azeri-Chirag-Gunashli block of fields.

Direct investments in the non-oil sector totaled $1.108 billion, accounting for 17.6 percent of the total volume of direct investments in Azerbaijan.

Azerbaijan's current account surplus amounted to $12.3 billion, down 17.22 percent from the same period in 2012.

The total foreign trade turnover in 2013 amounted to $42.9 billion, and the trade surplus totaled $20.6 billion, AzerNews reports.