World Bank: Armenia's trade balance deteriorates

YEREVAN. November 20. /ARKA/. Armenian export growth exceeded that of imports in September, 2023, the World Bank said in its Armenia Monthly Economic Update – November 2023.

It said exports grew by 9.6 percent (yoy) in September, up from 7 percent in August. It was driven by an increase in the export of precious and semiprecious stones (92 percent), non-precious metals (164 percent), and minerals (34 percent).

The previous main contributors to export growth – i.e., re-export items such as means of transport and machinery – declined by 34 percent and 31 percent (yoy), respectively.

Import growth fell from 13 percent in August to 5.6 percent in September. Top imports also included precious and semi-precious stones (up 149 percent) and, to a lesser extent ,the import of means of transport (up 22 percent) and textile products (38 percent).

Over the January– September period, exports and imports grew cumulatively by 44.8 percent and 46.4 percent respectively, resulting in a 49 percent deterioration in the balance of trade.

Armenia’s foreign trade in the first 9 months of 2023 amounted to over $13.7 billion, surging by 47.2% from the same time span of 2022, according to the National Statistical Committee.

Armenian exports soared by 48.5%, to over $5.2 billion. Imports during the reporting period totaled about $8.5 billion, recording a 46.4% increase compared to January-September 2022.-0-