Armenia now enjoys the same problem as the United States: trade deficit. A trade deficit is when a country imports more items than it exports, meaning more goods are brought in than they are taken out of the country to be sold elsewhere.
Armenia’s external trade deficit reached a new record-high level last year, surpassing the $1 billion mark due to flat exports and a stagnant manufacturing sector...Blame whomever you want: I blame the lack of a diversified economy. What we need is a good manufacturing sector!
Official figures cited by the Regnum news agency show the country’s net imports soaring by almost 21 percent to $1.95 billion in the first eleven months of 2006. Armenian exports stood at just $895 million, 0.3 percent up from the same period in 2005.
The government has repeatedly blamed the negative manufacturing trend on a continuing downturn in the global trade in refined diamonds, one of Armenia’s main export items.
The Armenian Central Bank says the dram has been bolstered by a similarly steep rise in cash remittances sent home by hundreds of thousands of Armenians working abroad.
Source: ArmeniaLiberty
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