World Bank assesses diamonds exports and re-exports on Armenia’s foreign trade
Armenia almost tripled its exports in April thanks to a tenfold increase in the exports of precious and semiprecious stones, the World Bank revealed in its monthly economic update.br /
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YEREVAN, July 1. /ARKA/. Armenia almost tripled its exports in April thanks to a tenfold increase in the exports of precious and semiprecious stones, the World Bank revealed in its monthly economic update.
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The share of such stones in total exportsnbsp; rose from 24 percent in April 2023 to 82 percent in April 2024, the review said.
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“On the other hand, the imports of precious and semiprecious stones increased by more than 20-fold, resulting in a net import balance of this commodity group at the value of $1 billion,” the review said.
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Except exports of agricultural products (both livestock and vegetable), paper products, and
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minerals, other exports experienced significant declines, particularly machines and transport vehicles, the review said.nbsp;
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According to the report, excluding the exports of precious and semiprecious stones and machineries and vehicles (the two top reexports last year), total exports in April grew by only 3.6
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percent (yoy), the top export destination being the United Arab Emirates.
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According to the National Statistical Service of Armenia, the volume of foreign and mutual trade turnover in January-April 2024 compared to the same period in 2023 increased by 140%, exceeding $13.7 billion drams. Exports amounted to $5.99 billion (an increase by 180% compared to January-April 2023), imports exceeded $7.73 billion (an increase ия 110%).
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