Armenia’s Foreign Trade in January 2023 Soared by 93.8%, to Nearly $1.3 Billion, Economic Activity Up 10.5%

YEREVAN — Armenia’s foreign trade in January 2023 amounted to about $1.3 billion, which is 93.8% more than in January 2022, the National Statistical Committee said.

However, compared to December last year, the foreign trade in January 2023 was down 18.3%. In January 2023, the volume of foreign trade turnover in Armenian drams amounted to 514.4 billion.

Armenian exports in January 2023 increased 2.3-fold against the same period of 2022, amounting to $572.8mln. In January, a decrease of 1.1% was registered against December 2022. In January 2023, exports in drams stood at 226.6 billion.

Imports during the reporting period amounted to $727.1 million, registering a 72.5% growth compared to January 2022. Compared to December 2022 imports were down 28.2%. In drams they amounted to 287.8 billion. ($1 – 389.42 drams).

The National Statistical Committee also stated tha Armenia’s economic activity was up 10.5% in January 2023 compared to January 2022.

However, compared to December 2022, it was down 46.1%. According to the official data, virtually all sectors of economy saw growth, except for the electricity production and distribution sector (information on agriculture is not provided).

The industrial output amounted to approximately 177.7 billion drams, an increase of 1.4% compared to January 2022. However, compared to December 2022, it dropped by 41.9%.

The construction sector grew by 12,2% compared to January 2022 to about 16.1 billion drams. Compared to December of the last year, this figure was down by 85.9%.

The services sector (excluding trade) in January 2023 amounted to about 216 billion drams, which is by 25.9% more than in January 2022. At the same time, the figure represented 17.7% drop as opposed to December 2022.

According to the statistical data, the domestic trade turnover in January this year reached about 293 billion drams, which is 17.7% more than in the first month of 2022. Compared to December 2022 , the domestic trade turnover decreased by 44.9%. No data was provided on gross average monthly wages.

Armenian government’s growth projection for 2023 is 7%, and inflation is set at 4% (±1.5%). Fitch said earlier it expects Armenian economy to grow up to 6.1% in 2023. The World Bank estimates that Armenia’s GDP will increase by 4.1% in 2023. Roughly the same forecast – 4%, is made by the EBRD.