ArmInfo. As export grew sharply in Jan-Aug 2016 from 0.5% a year ago to 18.9%, the unfavorable balance of trade fell by 22%. Import decline has slackened to 2.1% from 26.3% a year ago. As a result, the foreign trade turnover saw a 4.6% year-over-year growth in Jan- Aug 2016 versus 19.5% decline for the same period of 2015.
By preliminary data of the National Statistical Service of Armenia, the foreign trade turnover in Jan-Aug 2016 totaled 1,500.2 bln drams ($3,114.7 mln). In particular, export totaled 554 bln drams ($1,129.7 mln), import - 956.2 bln drams ($1,985 mln). The foreign trade turnover totaled 412.2bln drams ($855/3mln).
In August 2016 alone, the foreign trade turnover grew 19.2%, as import increased 27.3% amid 6.7% moderate growth of export. In August 2016 versus August 2015, foreign trade turnover grew 20.6% mostly as export grew 36.6%, while import grew moderately - 13.4%. In August 2016 alone, the unfavorable balance of foreign trade increased 65.3% to 63.8bln drams ($134.2mln). A year ago, for August alone, this indicator fell 2.9% as export fell 11.5% amid miserable growth of import - 1.5%.
For comparison, in Jan-Aug 2014 the foreign trade turnover of Armenia grew 3.1% year over year, with export and import growing 1.1% and 3.8%, respectively. In August 2014 alone, these indicators fell by 18.7%, 18.7% and 18.8%, respectively.
According to statistics, in Jan-Aug 2016, the economic growth in Armenia slackened to 2.4% from 3.9% in Jan-Aug 2015. According to the National Statistical Service of Armenia, in August 2016 the growth made up 28.2% (down 0.5% versus Aug 2015).
The AMD/USD average exchange rate made up 475.45 AMD/$1 in August 2016 and 481.89 AMD/$1 in Jan-Aug 2016 versus 479.78 AMD/$1 in August 2015 and 477.29 AMD/$1 in Jan-Aug 2015.
