Tuesday, September 20 2016 18:48
Karina Melikyan

Unfavorable balance of trade falls, as export grows sharply in Armenia

Unfavorable balance of trade falls, as export grows sharply in  Armenia

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.

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