Armenia’s foreign trade in January-November 2011 soars by 16.4% year-on-year to about $5 billion

YEREVAN, 10 January. /ARKA/. Armenia’s foreign trade in January-November 2011 soared by 16.4% year-on-year to 1.843.8 trillion drams in current prices, or about $5 billion, according to numbers released by the National Statistical Service (NSS). The double-digit growth resulted from strong performances of the domestic mining and food-processing industries as well as the agricultural sector.

Armenian exports were said to have surged by 31.1% to $1.206.7 billion, and imports increased by 12.3% to $3.751.1 billion. The resulting negative foreign trade was $ 2.544.4 billion. Without humanitarian aid the trade gap was $2.486.7 billion and if counted in FOB prices the negative trade balance was $1.966.8 billion. 

The data shows that base metals, ores and ore concentrates generated almost 58 percent of the Armenian export revenue in the eleven-month period. Thus, exports of mining products accounted for $361.9 million (up 31.6% if compared with January-November 2010), base metals and items accounted for more than $339 million (a 13.5% rise year-on-year), precious and semiprecious stones, precious metals and their products earned $179.6 million (a 52.9% rise from a year earlier), ready foods accounted for $162.6 million (a 40.1% rise). Overall, exports of fruit, vegetables, livestock and other agricultural products likewise soared by roughly 34%, reflecting robust growth in agriculture reported by the government.

According to the same numbers, imports were dominated by mining products, which accounted for $728.3 million (up 24.6% against January-November 2010), machinery and equipment, which accounted for $517.2 million (a decline of 9.8%), land, air and water vehicles - $343.5 million (a 26.1% rise), base metals and related products, which accounted for more than $303 million (a decline of 8.3%) and ready food products - $309.3 million (a 15.3% rise). ($ 1-386.15 drams). -0-