WB: Armenian exports and imports continue to experience double-digit monthly growth rates

YEREVAN, October 2. /ARKA/. Armenia's exports and imports of goods continued to experience double-digit monthly growth rates, while moderating compared to the first few months of 2023, according to the World Bank's "Armenia monthly economic update - september 2023" review.

Export and import of goods grew by 16 and 20 percent (yoy), respectively, in July, driven by re-exports of machinery and vehicles.

Besides these items, some of Armenia’s main exports contracted. Copper and ready food product exports decreased by 10 and 8 percent in July, respectively, in nominal terms.

Cumulatively, during January-July 2023, exports and imports grew by 62 and 63 percent (yoy), respectively, resulting in a 64 percent (yoy) deteriorated trade balance.

Armenia's foreign in January-July 2023 surged by 62.6% year-on-year to about $10.4 billion, according to the National Statistical Committee.

In July the foreign trade amounted to about $1.5 billion, having increased by 18.1% from July 2022 and dropped by 2.4% compared to June 2023.

Armenian exports increased by 62.1% to over $3.8 billion.  Armenia's imports amounted to over $6.5 billion, registering an increase of 63%. -0-