Thursday, January 25 2018 15:47
Karine Melikyan

The prevalence of import growth over exports increased the foreign trade deficit of Armenia in 2017 by 29.2%

The prevalence of import growth over exports increased the foreign  trade deficit of Armenia in 2017 by 29.2%

ArmInfo. The prevalence of  import growth rates (27.8%) over exports (25.2%) increased the  deficit of Armenia's foreign trade in January-December 2017 by  Jan-Dec 2016 by 29.2%. A year earlier, in January-December 2016, the  foreign trade deficit decreased by 18.5% per annum amid the export  dynamics from the 3.9% decline to a 20% increase, while imports from  the minus 26.5% jumped only to the positive 1.6%.

As a result, Armenia's foreign trade turnover in Jan-Dec 2017 showed  an annual growth of 26.9%, after reaching the level of 7.4% in 2016,  from a 20.6% decline in 2015.

According to preliminary data of the National Statistical Service of  Armenia, Armenia's foreign trade turnover in Jan-Dec 2017 amounted to  3100.4 billion AMD ($ 6,425.6 million), in particular, exports -  1082.1 billion ($ 2242.9 million), imports - up to 2018.3 billion ($  4,182.7 million), which formed a deficit of foreign trade at the  level of 936.2 billion ($ 1.9 billion).

Only in December 2017, foreign trade turnover increased by 5.2% due  to a more impressive growth in exports - by 10.5%, rather than  imports - only by 2.7%. As a result, Armenia's foreign trade deficit  declined in December 2017. by 4.7%, amounting to 108.8 billion drams  ($ 225.4 million). A year earlier, in December 2016, foreign trade  turnover declined by 6.4% due to a decrease in exports by 8.5% and  imports by 5.4%, which reduced the foreign trade deficit by only  1.1%.

On an annual basis (December 2017 to December 2016), the growth of  foreign trade turnover by 41.4% was provoked by an almost similar  increase in exports and imports - 44.4% and 40%, respectively. A year  earlier, in December 2016, by December 2015, the foreign trade  turnover decreased by 1.8% due to a 5% drop in imports, while exports  grew by 5.5%.

According to statistical data, Armenia's economic activity in  January-December 2017 accelerated the annual growth rate to 7.7%,  against the slowdown in 2016 to 0.5% from 3.1% for 2015. Only in  December 2017, economic activity increased by 21.8%, after a decline  of 11% in November. On an annual basis (December 2017 to December  2016), economic activity increased by 12.6% (against a decline of  0.1% a year earlier).

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