Monday, June 7 2021 17:57
Karine Melikyan

Armenia`s foreign trade turnover increased by 7.2% per annum in  January-April 2021

Armenia`s foreign trade turnover increased by 7.2% per annum in  January-April 2021

ArmInfo.Armenia's foreign trade turnover amounted to $ 2.2 billion in January-April 2021, with an improvement in y-o-y dynamics to 7.2% growth (from a 10.4% decline a  year earlier).

Moreover, exports (16.7%) showed higher growth than imports (2.2%),  with a trend reversal from the downward 8.1% and 11.5%, respectively,  a year earlier. According to the final data of the Statistical  Committee of the Republic of Armenia, the volume of exports reached $  818.7 million, and imports $ 1.4 billion.

In April 2021, the growth of foreign trade turnover slightly  accelerated from 12.8% to 12.9%, due to the same meager acceleration  in export growth - from 11.6% to 11.9%, and imports - from 13.5% to  13. 6%.  And in April 2021, compared to April 2020, an increase in  foreign trade turnover by 47.5% was provoked by a jump in exports by  64.3%, with a less tangible increase in imports by 39.1%, against a  decline in all three indicators a year earlier - exports by 30. 3%,  imports by 27.4%, foreign trade turnover by 28.4%.

The negative foreign trade balance decreased by 14.2% per annum in  January-April 2021 (against a 16.4% decline in the same period of  2020), amounting to $ 532.9 million. Moreover, the negative foreign  trade balance of Armenia with the EAEU countries amounted to $ 218.5  million, having decreased on an y-o-y terms by 24% against the  background of a decline in imports by 6.1% with an increase in  exports by 20.8%.  And the negative balance of Armenia's foreign  trade with the EU countries amounted to $ 115.9 million, having  increased by 22% on a y-o-y terms as a result of improving the  dynamics of exports and imports upward by 9.4% and 14.2%,  respectively.

The main buyers of Armenian goods in January-April 2021 are Russia -  27% in exports, China - 15.5%, Switzerland - 12.7%, Bulgaria - 7%,  Iraq - 5.1%. The main suppliers of imported products to Armenia are  Russia - 32.3% in total imports, China - 14.6%, Iran - 8.4%, Germany  - 5.2% and Italy - 4.9%.

All export items in January-April showed growth, except for machines  / apparatus and leather / fur products, the dynamics of which is  still in decline (65.7-48%). The leading item of Armenian export -  mineral products - increased by 25.3% to $ 307.1 million, while the  second in terms of export volume - prepared food products - increased  by 4.4% to $ 166.2 million. The export of base metals and products  from them are in the 3rd place - an increase of 18.3% to $ 94.9  million, the 4th- the precious metals and products from them - an  increase of 2.8% to $ 80.2 million, and the 5th- products of the  textile industry - an increase of 41.4% to $ 51.6 million.

In imports, the leading items showed a more modest growth: the  leading item - mineral products - by 2.7% to $ 264.7 million, as well  as machinery / equipment / mechanisms - by 3.6% to $ 225.4 million,  chemical products - by 0.9% to $ 120.8 million, base metals and  products from them - by 1.2% to $ 91.9 million, textile products - by  10.9% to $ 77.7 million, precious and semiprecious metals and  products from them - by 30% to $ 66.2 million.  At the same time, the  decline in imports was observed in such significant items as finished  food products - by 8.5% to $ 109.2 million, plant products - by 1.2%  to $ 66.7 million. Export of chemical products increased by 7.4% per  annum - to $ 9.4 million.

To note, according to the March forecast of the WB, the growth of  exports of goods and services from Armenia in 2021 will amount to  8.7% with an acceleration of rates to 12.2% in 2022, and the growth  of imports will accelerate from 8.3% in 2021 to 9.2% in 2022, against  the actual decline in 2020 of exports by 3.9% and imports by 17.7%.  The WB forecast current account deficit in Armenia at 4.8% of GDP in  2021 with an increase to 5.5% of GDP in 2022. According to the IMF's  April forecast for Armenia, export volumes will reach $ 4.1 billion  in 2021, with a further increase in 2022 to $ 4.8 billion, while  import volumes are expected at $ 5.6 billion in 2021 and $ 6.4  billion in 2022. The ratio of the current account deficit to GDP,  according to the IMF forecast, will increase in 2021 to 6.7% of GDP,  and will decrease in 2022 to only 6.6%. The forecasts of the Central  Bank of Armenia on foreign trade foreshadow an increase in exports by  1-3% and a decline in imports by 2-4% for 2021, and the ratio of the  current account deficit to GDP will be in the range of 2-4%, but in  June it is planned to revise the forecast with improved expectations. 


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