Goods exports increased by 10.3% y/y in Jun-25
In Jun-25, goods exports increased by 10.3% y/y to US$ 639.7mn, after a 15.7% y/y growth in previous month. Meanwhile, goods imports rose slightly by 0.9% y/y to US$ 1.4bn, after a 1.8% y/y decline in previous month. Consequently, the trade deficit narrowed by 6.2% y/y to US$ 733.3mn in Jun-25.
Overall, in 1H25, the trade deficit increased by 11.6% y/y to US$ 5.5bn, as exports grew by 13.7% y/y to US$ 3.2bn and imports were up by 12.4% y/y, reaching US$ 8.7bn. Notably, excluding one-off paintings/drawings imports, goods imports rose by 6.2% y/y and the trade deficit was up 1.8% y/y in 1H25.
Money transfers increased by 12.2% y/y in Jun-25
Money transfers increased by 12.2% y/y to US$ 315.5mn in Jun-25, after a 11.6% y/y growth in previous month. Among the top countries, money transfers grew from the EU (+17.7% y/y, 46.1% of total, supported by the euro’s continued appreciation vs. the US dollar), the USA (+23.0% y/y, 18.6% of total), Israel (+23.1% y/y, 7.6% of total), Kyrgyzstan (+82.3% y/y, 3.0% of total) and Türkiye (+13.2% y/y, 2.9% of total) in June. In contrast, transfers declined from Russia (-15.9% y/y, 13.0% of total) and Kazakhstan (-36.9% y/y, 2.2% of total). Overall, in 1H25, money transfers increased by 3.5% y/y to US$ 1.7bn.
We now anticipate money transfers at US$ 3.5bn in 2025, revised upwards from the previous forecast of US$ 3.4bn.
