https://arka.am-YEREVAN, April 12. /ARKA/. Armenia’s foreign trade balance in February 2024 was positive with exports prevailing imports by $102.3 million, the Eurasian Development Bank (EDB) says in its weekly macroeconomic review.
It also points out that Armenia’s foreign trade deficit in goods decreased to $196.7 million in January-February 2024 from $590 million in the same period last year.
The review notes that in January-February exports increased 2.6 times amid increased production and foreign trade in gold products.
“The main role in exports growth was played by precious stones and metals (growth of 8.9 times YoY in January – February), which together with supplies of machinery and equipment provided almost all the positive dynamics of exports,” the review says.
At the same time, as EDB analysts write, the imports in January – February grew by 73.2% yoy provided mainly by imports of precious stones and metals, machinery and equipment.
“Imports of vehicles decreased, for the rest of the items in January – February there was positive dynamics,” the review says.
According to the National Statistical Committee, Armenia’s foreign trade turnover in January-February 2024 amounted to $5.3 billion, which is 2 times more than in January-February 2023.
Exports grew 2.6 times to $2.7 billion, while imports totaled $2.8 billion, with a 73.2% growth compared to the same period in 2023.