Trade deficit at US$ 10.3bn in 2024
In Dec-24, goods exports increased by 6.8% y/y to US$ 549.4mn, after a 12.6% y/y growth in previous month. Goods imports rose by 20.9% y/y to US$ 1.7bn, following a 14.2% growth y/y in previous month. Consequently, the trade deficit increased by 29.4% y/y to US$ 1.1bn in Dec-24.
The top 5 exported commodities were cars (+15.7% y/y), precious metals (+137.0% y/y), pharmaceuticals (+10.3% y/y), spirits (-5.0% y/y) and petroleum (+194.1% y/y) in Dec-24. A 11.5% of exports were directed to the EU (+79.0% y/y), 70.0% to the CIS (+8.7% y/y) and 18.5% to other countries (-18.9% y/y).
The top 5 imports were cars (+11.8% y/y), petroleum (+3.9% y/y), aircraft (980.3% y/y), gases (+33.6% y/y) and pharmaceuticals (+13.4% y/y) in Dec-24.
Overall, in 2024, the trade deficit rose by 8.4% y/y to US$ 10.3bn, driven by a 7.8% y/y increase in exports, which reached a record high of US$ 6.6bn, while imports grew by 8.1% y/y, totaling a record US$ 16.9bn.
Producer price index increased by 7.9% y/y in Dec-24
Annual PPI for industrial goods increased by 7.9% in Dec-24, after a 6.6% y/y rise in previous month. The annual growth was mainly driven by a rise in prices in the manufacturing sector (+6.2% y/y), followed by mining (+23.7% y/y) and electricity supply (+11.4% y/y) sectors.
