Goods exports growth accelerated in Jun-23
In Jun-23, goods exports growth accelerated, up by 22.5% y/y to US$ 549.6mn, after a 3.6% y/y growth in previous month. Goods imports also experienced an uptick, rising by 10.0% to US$ 1.2bn in June, after growing by 3.4% y/y in May. Consequently, the trade deficit expanded by 1.5% y/y to US$ 666.1mn, after a 3.2% y/y growth in May.
The top 5 exported commodities were cars (+148.5% y/y), copper (-61.9% y/y), ferro-alloys (+45.6% y/y), wine (+12.8% y/y) and electricity (-25.2% y/y) in Jun-23. A 8.1% of exports were directed to the EU (-45.2% y/y), 68.3% to the CIS (+68.8% y/y) and 23.7% to other countries (-10.7% y/y).
The top 5 imports were cars (+3.4% y/y), petroleum (-16.0% y/y), pharmaceuticals (+21.3% y/y), telephones (+37.0% y/y) and tobacco (+87.5% y/y) in Jun-23.
Overall, in 1H23, trade deficit increased by 21.2% y/y to US$ 4.2bn, as exports increased by 19.3% y/y to US$ 3.1bn, while imports were up by 20.4% y/y to US$ 7.2bn.
Producer price index decreased by 6.0% y/y in Jun-23
Annual PPI for industrial goods decreased by 6.0% in Jun-23, after falling by 5.8% in previous month, according to Geostat. This decline was mainly driven by price reduction in manufacturing sector (-5.8% y/y), followed by mining (-8.1% y/y).
