World Bank named the key factor in exports from Armenia in July

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YEREVAN, September 24 /ARKA/. Re-exports of gold and jewelry remained a key driver of Armenia’s export growth in July, according to the World Bank’s “Armenia Monthly Economic Update – September 2024”.br/pp “Exports and imports of goods increased by 42.8% (y/y) and 30.7% (y/y), respectively, due to growth in exports (5.2 times) and imports (5.9 times) of precious, semi-precious stones and metals (mainly gold and jewelry),” the study notes.nbsp;/pp

However, as WB analysts write, exports of precious, semi-precious stones and metals decreased by 11.6% compared to the previous month, and their share in total exports reached 48.5%, which is much lower than their share of 75% at the beginning of 2024./pp

Exports of mining products, finished food products and agricultural products increased by 15%, 11% and 52%, respectively.nbsp;/pp

In July, exports of machinery, equipment, appliances, and vehicles – the two fastest-growing export commodity groups in 2023 – fell by 21% and 86%, respectively. Excluding precious and semi-precious stones, exports of machinery, equipment (mainly mobile phones) and vehicles increased by 6% in July.nbsp;/pp

During the January-July period, exports and imports increased by 121.2% and 79.1%, respectively, leading to a 14.5% widening of the trade deficit./pp

According to the National Statistical Committee, the volume of foreign and mutual trade turnover of Armenia in July 2024 amounted to $1,995.6 million, increasing by 35.3% compared to July 2023, and decreasing by 1.9% compared to June 2023. Exports in July amounted to $811.6 million, and imports - $1,184.0 million.nbsp;/pp

Overall, over the first 7 months of this year, Armenia's foreign trade turnover has grown by 95%, exceeding $20.4 billion. Exports for January-July amounted to $8.7 billion, and imports - $11.7 billion. -0-/p