Armenia's Economy Ministry works on diversification of export markets - Kerobyan on AMD exchange rate risks

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Economy

02.08.2023, 09:38

Armenian Economy Minister Vahan Kerobyan commented on Fitch Ratings' forecast that the national currency, the dram, may moderately depreciate in 2023-24, albeit still to levels stronger than before the start of the Ukraine conflictя

Armenia's Economy Ministry works on diversification of export markets - Kerobyan on AMD exchange rate risks

YEREVAN, August 2. /ARKA/. Armenian Economy Minister Vahan Kerobyan commented on Fitch Ratings' forecast that the national currency, the dram, may moderately depreciate in 2023-24, albeit still to levels stronger than before the start of the Ukraine conflictя

"Naturally, the appreciation of the dram has a negative impact on exports, but you know that the ratio of trade turnover to GDP has reached 60.2%, which is a historic high, and the trade balance has narrowed to 1.6% of GDP, which is a historic low. This shows that Armenia is very close to moving to a trade surplus," he said.

"We are working intensively with our exporters to diversify markets, because dependence on one market is dangerous from a business point of view," Kerobyan replied.

According to official statistics, Armenia’s foreign trade in the first half of 2023 surged by 73% yoy to about $8.9 billion. Armenian exports increased by 72.8% to $3,266 million, while imports totaled $5,633 million, recording a 73% increase compared to January-June 2022. -0-

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