Armenia's foreign trade turnover for the first five months of 2024 grew 2.2 times year-on-year to $16.3 billion, with a 2.3 times year-on-year increase in May alone, according to the statistical committee. This is reported in the economic digest from Freedom Broker Armenia.
“The growth rate of exports outpaced imports both in May and over the first five months of 2024. Specifically, exports grew nearly 2.6 times year-on-year in May and 57.4% month-on-month. Imports, on the other hand, increased nearly 2.2 times year-on-year and 43.1% month-on-month. If the higher growth rate of exports relative to imports continues, it could support the dram exchange rate,” Freedom Broker Armenia experts note.
The company's report highlights that the import of precious and semi-precious stones to Armenia increased 20-fold in April, according to World Bank data.
“Meanwhile, the growth in exports and re-exports was only tenfold year-on-year in April, accounting for about 82% of the country’s total exports (compared to 24% in April 2023). Consequently, the net import balance for this category of goods amounted to approximately $1.0 billion (about 41% of total imports for April). This partly explains the currency pressure observed at the end of April this year,” the experts explained.
