Armenia expected to record ‘unprecedented’ growth in exports
YEREVAN, November 30. /ARKA/. Armenian exports for the whole of 2016 are expected to reach $1.7 billion, the highest ever-recorded figure over the 25 years of independence, Vazgen Safaryan, the head of the Union of Domestic Commodity Manufacturers, told a news conference today.
According to him, the ‘unprecedented’ surge in exports is expected against the backdrop of 0.4% economic activity in January-October.
He said exports in the first 10 months increased by 20% from the year before to $1.4 billion and are expected to grow further to $1.7 billion by the end of the year, up from $1.5 billion worth exports recorded several years ago. He said export growth has never been double-digit since 2012.
Safaryan also noted that the high demand for many years was backed by money transfers from abroad, as a result average imports reached $4 billion a year against exports worth $1.3 billion.
According to him, Armenia’s negative trade balance for the last 16 years amounted to $27 billion, but Safaryan added that today the picture is changing, in particular, imports have decreased , and as a result negative trade balance is also falling.
According to the National Statistical Service, imports to Armenia decreased by 26.8% in 2015, and by 0.3% in the first 10 months of 2016. - 0-
According to him, the ‘unprecedented’ surge in exports is expected against the backdrop of 0.4% economic activity in January-October.
He said exports in the first 10 months increased by 20% from the year before to $1.4 billion and are expected to grow further to $1.7 billion by the end of the year, up from $1.5 billion worth exports recorded several years ago. He said export growth has never been double-digit since 2012.
Safaryan also noted that the high demand for many years was backed by money transfers from abroad, as a result average imports reached $4 billion a year against exports worth $1.3 billion.
According to him, Armenia’s negative trade balance for the last 16 years amounted to $27 billion, but Safaryan added that today the picture is changing, in particular, imports have decreased , and as a result negative trade balance is also falling.
According to the National Statistical Service, imports to Armenia decreased by 26.8% in 2015, and by 0.3% in the first 10 months of 2016. - 0-