BAKU, Azerbaijan, Strong energy exports of Azerbaijan in August were largely driven by higher prices, the World Bank said in its Monthly Economic Update.

The report reveals that the trade surplus stabilized at a high level in August on the back of soaring exports.

“Exports were 2.3 times higher in nominal terms in August than one year ago. Energy exports rose by 2.6 times (yoy) while non-energy exports dropped sharply by 60 percent (yoy) in nominal terms. Strong energy exports were largely driven by higher prices,” says the WB.

Reportedly, imports also performed strongly in August and were 30.7 percent higher in nominal terms than one year ago.

“The trade surplus stabilized at 34.6 percent of GDP. The Current Account surplus in the first half of 2022 amounted to 27.7 percent of GDP fueled by strong exports and large inflow of remittances (4.4 percent of GDP), which was 3.1 times higher than year ago, while the outflow remained unchanged. Transfers from Russia accounted for 80 percent of the inflow.”

Source: TREND News Agency