Armenia's foreign trade turnover soars in H1 2024

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YEREVAN, July 26. /ARKA/. According to preliminary statistical data, Armenia's foreign trade turnover in January-June 2024 reached $18,407.3 million, marking a 2.6-fold increase compared to the same period in 2023, the country’s National Statistical Committee reported on Friday./pp

In June 2024, the foreign trade turnover increased by 2.35 times compared to June 2023 but decreased by 6.7% compared to May 2024. In dram equivalent, the foreign trade turnover for the first six months of 2024 amounted to 7,308.2 billion drams./ph4Export Growth/h4p

Exports from Armenia in January-June 2024 grew by 2.3 times compared to the same period in 2023, totaling $7,927.6 million. In June alone, exports increased by 2.59 times year-on-year but decreased by 10.9% compared to May 2024. In dram equivalent, exports for the first six months of 2024 amounted to 3,148.4 billion drams./ph4Import Increase/h4p

Imports during the reported period reached $10,479.7 million, almost 2.87 times higher than in the corresponding period of 2023. In June, imports increased by 2.2 times year-on-year but fell by 3.5% compared to May 2024. In dram equivalent, imports in January-June amounted to 4,159.8 billion drams./pp

This significant growth in both imports and exports highlights Armenia's expanding role in global trade and the increasing dynamism of its economy. The data reflects robust economic activity and enhanced international trade relationships, though the monthly fluctuations suggest a degree of volatility that may need to be managed moving forward./pp br/p