Armenian exports and imports contracted for two months in a row - WB
YEREVAN, February 24. /ARKA/. Armenian exports and imports fell for the second consecutive month (yoy) in December 2024, according to the World Bank's “Armenia Monthly Economic Update - February 2025”.
Exports fell 48.6 percent (yoy) in December, after contracting 33.7 percent (yoy) in November. Imports also fell, down 26.5 percent (yoy), following an 18.5 percent contraction in November.
As in November, the December decline was due to contraction in the export of precious and semiprecious stones (down 65 percent, yoy) and imports (down 48.8 percent, yoy). Exports and imports of transport facilities also fell 51 percent (yoy) and 34 percent (yoy), respectively. This continues the trend observed following Georgia’s mid-2023 ban on car reexports to Russia.
Exports of oils and fats increased significantly (31-fold) in December (yoy). Excluding precious and semi-precious stones and transport facilities (major re-export items), exports grew 4.6 percent (yoy) in December.
Cumulatively in 2024, exports and imports grew 53.1 percent (yoy) and 33.8 percent (yoy), respectively, with the trade deficit narrowing 5.5 percent (yoy). Based on end-September 2024 BOP data, the current account deficit deteriorated to 2.9 percent of annual GDP, compared to 2.5 percent in the same period of 2023. While the trade balance improved slightly in this period, it could not offset deterioration in the services account (due mostly to a 53 percent decline in tourism-related surpluses) and in the income balance. The number of tourists in 2024 fell 4.7 percent(yoy), driven by a 17.5 percent decline in the number of visitors from Russia.
According to Armstat, Armenia's foreign trade turnover in 2024 compared to 2023 increased by 41.5% to $30.2 billion. In December, this indicator amounted to $1.9 billion, having decreased by 37.3% compared to December 2023.
Exports from Armenia in 2024 compared to 2023 increased by 53.1% to $13.1 billion. In December, this indicator amounted to $1.1 billion.
Imports in last year amounted to $17.1 billion, recording an increase of 33.8% compared to 2023. In December, this figure amounted to $757.4 million -0-
