Goods exports increased by 5.8% y/y in Jun-24
In Jun-24, goods exports increased by 5.8% y/y to a record high monthly level of US$ 582.1mn, after a 7.3% y/y reduction in previous month. Imports declined by 9.6% y/y to US$ 1.2bn, following a 0.8% y/y fall in previous month. Consequently, the trade deficit narrowed by 20.2% y/y to US$ 632.4mn in Jun-24.
The top 5 exported commodities were cars (-0.8% y/y), ferro-alloys (+61.5% y/y), precious metals (+4.7x y/y), spirits (+86.6% y/y) and fruit (+94.1% y/y) in Jun-24. A 9.1% of exports were directed to the EU (+16.9% y/y), 65.3% to the CIS (+0.8% y/y) and 25.7% to other countries (+16.7% y/y).
The top 5 imports were cars (-36.1% y/y), petroleum (+21.5% y/y), pharmaceuticals (+10.6% y/y), automatic data processing machines (+81.5% y/y) and phones (-32.3% y/y) in Jun-24.
Overall, in 1H24, trade deficit increased by 5.0% y/y to US$ 4.6bn, as exports declined by 6.7% y/y to US$ 2.8bn, while imports were merely up by 0.2% y/y to US$ 7.5bn.
Money transfers stood at US$ 281.1mn in Jun-24
Money transfers were down by 20.9% y/y to US$ 281.1mn in Jun-24, after falling by 27.1% y/y in previous month, due to the last year’s high base and normalization in transfers from Russia. From top countries, there were increases in remittances from EU (+6.9% y/y, 43.9% of total) and USA (+22.2% y/y, 17.0% of total), while remittances from Israel were nearly flat, with a slight 0.1% y/y increase (6.9% of total). Meanwhile, transfers reduced from Russia (-62.3% y/y, 17.4% of total), Kazakhstan (-37.4% y/y, 3.8% of total) and Türkiye (-24.9% y/y, 2.9% of total). Overall, in 1H24 remittances decreased by 30.3% y/y to US$ 1.7bn.
Producer price index increased by 9.3% y/y in Jun-24
Annual PPI for industrial goods increased by 9.3% in Jun-24, after increasing by 6.7% y/y in previous month. The annual growth was primarily driven by a rise in prices in the manufacturing sector (+8.2% y/y), followed by mining sector (+22.1% y/y) and electricity supply (+10.9% y/y).
