Tuesday, September 7 2021 11:43
Karine Melikyan

In Jan-July 2021, Armenia`s foreign trade turnover increased by 15.1%  per annum

In Jan-July 2021, Armenia`s foreign trade turnover increased by 15.1%  per annum

ArmInfo.Armenia's foreign trade turnover in January-July 2021 amounted to $ 4.3 billion, with an improvement in y-o-y dynamics to 15.1% growth (from an 11.3%  decline a year earlier).

Moreover, higher growth was shown by exports  (23.2%) than imports (10.6%), with the trend emerging from the  downward 6.4% and 13.7%, respectively, a year earlier. According to  the final data of the Statistical Committee of the Republic of  Armenia, the volume of exports reached $ 1.6 billion, while imports  reached $ 2.7 billion.

In July 2021, the growth of foreign trade turnover accelerated from  1.9% to 2.6%, due to an improvement in the dynamics of imports from a  4.5% decline to 10.7% growth, with a reversal of the export trend  from 12.2% - growth by 9.1% decline. And in July 2021, compared with  July 2020, the growth of foreign trade turnover by 22.9% was almost  equally provoked by the growth of exports by 23.8% and imports by  22.4%, against a decline in all three indicators a year earlier -  exports by 5.9%, imports by 18.6%, foreign trade turnover by 14.3%.

In January-July 2021, the negative foreign trade balance decreased by  5% per annum (against a 21% decline in the same period of 2020),  amounting to $ 1.02 billion. Moreover, the negative balance of  Armenia's foreign trade with the EAEU countries amounted to $ 438.8  million, decreasing in y-o-y terms by 7.5% against the background of  an increase in exports by 34.4% with an increase in imports by 10.3%.   And the negative balance of foreign trade of Armenia with the EU  countries amounted to $ 142.8 million, decreasing in y-o-y terms by  27.4% as a result of the improvement in the dynamics of exports and  imports towards growth by 41.1% and 11.1%, respectively.

The main buyers of Armenian goods in January-July 2021 in exports are  Russia - 27.5%, China - 15.2%, Switzerland - 11.7%, Bulgaria - 7.9%  and Iraq - 4.9%. The main suppliers of imported products to Armenia  in total imports are Russia - 33%, China - 14.7%, Iran - 8.5%, Italy  - 4.6% and Germany - 4.2%.

All export items in January-July showed growth, except for machines /  apparatus, leather / fur products, products made of stone, gypsum,  cement, products made of precious metals, oils of vegetable and  animal origin, the dynamics of which is still in decline (1.5-  50.5%). The leading item of Armenian export - mineral products -  increased by 36.6% to $ 613.05 million, while the second in terms of  export volume - prepared food products - increased by 5.8% to $ 309.4  million. The 3rd in terms of export - base metals and products from  them - an increase of 32.2% to $ 178.7 million, the 4th -precious  metals and products from them - a decline of 2.9% to $ 175.2 million,  and the 5th- products of plant origin - an increase of 48.6% to $  104.2 million.

In imports, the leading products showed more modest dynamics: the  leading  mineral products - grew by 15.1% to $ 483.3 million,  machinery / equipment / mechanisms - increased by 1.9% to $ 428.1  million, chemical products - increased by 1.5% to $ 240.2 million,  prepared food products- a decline of 0.2% to $ 217.2 million, base  metals and products from them - an increase of 2.6% to $ 192.8  million, textile products - an increase of 25.5% to $ 147 million.  Export of chemical products increased by 13.2% per annum - up to $  18.6 million.

To note, according to the March forecast of the World Bank, 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 to 6.7%  in 2021, and will decrease in 2022 to 6.6% alone. The Central Bank's  forecast for 2021, updated in June, foreshadows the growth of exports  by 7.7% and imports by 6.2% in foreign trade, and the ratio of the  current account deficit to GDP will be 1.6%.

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