ArmInfo.In July 2024, import prices in Armenia's foreign trade increased by 12.1% annually, while export prices only grew by 7.3%. The previous year, import prices had decreased by 13.5%, while export prices, on the contrary, had showed a higher growth rate of 14.2%.
This is evidenced by the data of the Statistical Committee of the Republic of Armenia. The same statistical report provides annual prices dynamics in economic sectors as of July 2023 and 2024. Thus, in the industrial sector, the industrial production price index showed slow growth, decreasing from 6.9% to 3.7%, compared to the previous year. Freight transportation prices also continued to rise, increasing from 4.6% to 11.6% over the same period. The construction sector saw a reversal in price dynamics, shifting from a 0.2% decline to 1.4% growth compared to the previous year.
The agricultural sector experienced a noticeable shift from decline to growth in the price index. Sales prices of agricultural products increased by 0.5% after a 11.7% decline in the previous year, while the cost of agricultural inputs shifted from an 18.5% decline to 1.9% growth. In July 2023, a deflation of 0.1% y/y was observed in Armenia's consumer market, but by July 2024 annual inflation of 1.4% was recorded. It is worth noting that, according to statistical data, economic activity also saw an increase with a 6.2% annual growth in July 2024, compared to a similar 6% growth the previous year.
The growth drivers, as a year ago, were the construction and trade sectors, with growth of 17.7% and 14%, respectively compared to 17.8% and 20.4% the previous year. Modest growth was seen in the service sector - 4.9% and the industrial sector - 2.2%, while the service sector had shown higher growth of 5.8% the year before, and the industrial sector had declined by 2.4%. Data for the agricultural sector is only published quarterly, and according to the report for the first half of 2024, growth in the agricultural sector accelerated to 4% from 2% the previous year. In Armenia's foreign trade in July 2024, there was a significant increase in annual growth in both exports, from 15.6% to 42.8% and imports, from 19.7% to 30.7%.
