Goods exports decreased by 10.9% y/y in Jul-25
In Jul-25, goods exports decreased by 10.9% y/y to US$ 609.1mn, after a 10.4% y/y growth in previous month. Goods imports also declined by 6.7% y/y to US$ 1.5bn, after a 4.4% y/y rise in previous month. Consequently, the trade deficit reduced by 3.3% y/y to US$ 854.9mn in Jul-25.
Overall, in 7M25, the trade deficit increased by 11.9% y/y to US$ 6.5bn, as exports grew by 8.9% y/y to US$ 3.8bn and imports were up by 10.8% y/y, reaching US$ 10.3bn. Notably, excluding one-off paintings/drawings imports, goods imports rose by 5.6% y/y and the trade deficit was up 3.6% y/y in 7M25.
Money transfers increased by 13.0% y/y in Jul-25
Money transfers increased by 13.0% y/y to US$ 337.0mn in Jul-25, following a 12.2% y/y growth in previous month. Among the top countries, inflows grew from the EU (+16.2% y/y, 46.1% of total, supported by Euro’s appreciation vs. US dollar), the USA (+21.1% y/y, 18.1% of total), Kyrgyzstan (+44.0% y/y, 3.4% of total), Israel (+11.0% y/y, 7.1% of total) and Türkiye (+9.4% y/y, 3.0% of total) in July. In contrast, transfers declined from Russia (-0.5% y/y, 13.4% of total) and Kazakhstan (-17.7% y/y, 2.6% of total).
Overall, in 7M25, money transfers increased by 5.0% y/y to US$ 2.1bn.
We forecast money transfers at US$ 3.5bn in 2025.
Tourism revenues estimated at US$ 520mn in Jul-25
Tourism revenues increased by 2.7% y/y to US$ 520mn in Jul-25, according to our estimates. Overall, in 7M25, tourism revenues came in at US$ 2.5bn (+3.6% y/y), by our estimates.
We forecast tourism revenues to reach US$ 4.5bn in 2025.
