Re-exports of gold and jewelry was key drivers of Armenian export growth in August- WB
Despite being on the decline, re-exports of gold and jewelry remained key drivers of export growth in August, the World Bank says in its ‘Armenia Monthly Economic Update – October 2024’.
Merchandise exports rose by 58.1 percent (yoy), while imports grew by 18.7 percent (yoy). Export growth was largely driven by a three-fold increase in precious and semi-precious stones (including gold and jewelry). Excluding this group, exports grew 11 percent (yoy) in August.
Balance of payments data for H1 2024 revealed that the trade deficit in goods improved but the service balance deteriorated.
Specifically, there was a 62 percent (yoy) fall in the balance of tourism-related services, with a 6.1 percent (yoy) decline in the number of tourist arrivals in H1 2024 and a 25 percent decline in average spending per tourist after a strong 2023.
Deterioration in the income balance, mostly due to a 28 percent decline in remittances, also contributed to lowering the current account balance.Â
Armenia's foreign trade turnover in August 2024 stood at $2.1bn, up 33.3% compared to August 2023 and 7.4% compared to July 2023.
Meanwhile, exports in August totalled $945.0 million, with an increase of 58.1% compared to August 2023 and 15.6% compared to July 2024. Imports in August reached $1.2 billion, up 18.7% from August 2023 and 1.7% from July 2024
Source: https://arka.am/