ArmInfo.An impressive growth in exports with a moderate growth of imports reduced the foreign trade deficit of Armenia in January-June 2021 by 11.4% per annum (against a decline of 20.1% a year earlier, with a decline in imports by 12.9% and exports by 6.5%).
At the same time, in June of this year alone, this indicator decreased by 31.2%, against the background of a moderate growth in exports with a decline in imports. And in June 2021 compared to June 2020, the foreign trade deficit decreased by 20.2% as a result of a growth in exports with a moderate increase in imports. According to the preliminary data of the RA Statistical Committee, Armenia's foreign trade turnover in January-June 2021 grew by 13.4% from 10.7% decline a year earlier, which is due to the reversal of the annual dynamics of exports and imports from 6.5-12.9 % decline by 23.3-7.9% growth. As a result, Armenia's foreign trade turnover amounted to 1.9 trillion drams ($ 3.6 billion), in particular, exports - 719.9 billion drams ($ 1.4 billion), imports - 1.2 trillion drams ($ 2.2 billion), which formed a foreign trade deficit at the level of 425.2 billion drams ($ 812.7 million).
In June 2021 alone, foreign trade turnover increased by 1.9% due to an increase in exports by 12.2%, while imports fell by 4.5%. As a result, Armenia's foreign trade deficit amounted to 58.3 billion drams ($ 113.1 million) in June 2021, decreasing this time more restrained (by 31.2%) than in the same month of 2020 (by 54%). A year earlier, in June 2020, foreign trade turnover increased by 13.7% due to almost the same growth in exports and imports - by 14.7% and 13.1%, respectively.
In y-o-y terms (June 2021 versus June 2020), the output of foreign trade turnover by 20.1% growth was provoked to a greater extent by an increase in exports by 33% than in imports by 12.1%. A year earlier, in June 2020 versus June 2019, imports were in a more significant decline (by 15.2%) than exports (by 0.5%), which accelerated the subsidence of foreign trade turnover to 10.2%. According to statistics, the economic activity of Armenia in January-June 2021 increased by 5% per annum, against a decline of 4.7% in the same period of 2020. In June 2021 alone, economic activity slowed down to 12% from 2% in May, while a year earlier, growth was accelerated from 13.3% in May to 14.8% in June. In y-o-y terms (June 2021 versus June 2020), economic activity increased by 8% (against a 7.5% decline in June 2020 versus June 2019).
To note, according to the forecast of the World Bank (WB) updated in June, GDP growth in Armenia in 2021 will be 3.4%. In terms of Armenia's foreign trade, the World Bank predicts an increase in exports and imports by 8.7% and 8.3% for 2021, respectively. In its May forecast, the IMF expected GDP growth by 1% in Armenia for 2021. The new forecast of the Central Bank of Armenia (June) foreshadows GDP growth in 2021 by 4.6%, export growth by 7-9% and imports by 5-7%. According to statistics, Armenia's GDP in 2020 decreased by 7.4% - to 6.2 trillion drams (against an increase of 7.6% - to 6.5 trillion drams in 2019), with a decline in exports by 3.9% and imports by 17.7%.
