Armenian goods exports up 57.4% in May due to re-exports of gold and jewellery - WB

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16.07.2024, 20:30

Gold and jewelry re-exports continued to drive export growth, according to the World Bank's Armenia Monthly Economic Update – July 2024 review, published on Tuesday.

Armenian goods exports up 57.4% in May due to re-exports of gold and jewellery - WB

YEREVAN, 16 July. /ARKA/. Gold and jewelry re-exports continued to drive export growth, according to the World Bank's Armenia Monthly Economic Update – July 2024 review, published on Tuesday.

Goods exports grew by 57.4 percent (yoy) in May, driven by a five-fold increase in precious and semi-precious stone exports (the result of a six-fold increase in imports and re-exports of these items to the UAE).

Gold and jewelry’s export share reached 72.3 percent of total exports. Transport export (a re-export item in 2023) fell by 78 percent (yoy) in May 2024.

Excluding the specific exports mentioned (precious and semi-precious stones and transport means), total exports contracted by 4 percent (yoy) in May.

Over the January-May period, exports and imports grew by 248 percent and 200 percent, respectively, resulting in a 23 percent increase in the trade balance deficit.

According to the National Statistical Committee, Armenia's foreign trade turnover in May 2024 stood at $2.1bn, up 32.2% compared to May 2023, and down 51.5% compared to April 2023. Exports in May were $957.6 million, up 57.4% from May 2023, and imports were $1.2 billion (down 17.2% from May 2023). -0-

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