YEREVAN – Armenia’s foreign and mutual trade turnover in January–October 2024 increased by 54% compared to the same period in 2023, totaling $28.18 billion, according to data published by the National Statistical Committee of Armenia.
Notably, Armenia’s foreign trade turnover showed significant growth throughout 2024: 67.6% for the first 10 months, 73.5% for the first nine months, 79.6% for the first eight months, 95% for the first seven months, and doubling during the first half of the year.
In November 2024, the trade turnover amounted to $1.92 billion, reflecting a 27.4% decrease compared to November 2023 and a 15.6% decline from October 2024.
Foreign Trade Turnover
Armenia’s trade turnover with CIS countries for January–November 2024 reached $12.05 billion, marking a 66.9% increase compared to the same period in 2023. Russia remained Armenia’s largest trade partner, with turnover totaling $11.62 billion (up 71.6%), followed by Belarus ($190.48 million, up 9%) and Ukraine ($82.1 million, down 0.5%).
Trade with EU countries totaled $2.11 billion, a decline of 14.1%. The leading European trade partners included Germany ($443.91 million, down 24.4%), Italy ($382.38 million, up 0.1%), the Netherlands ($166.62 million, down 42.3%), Belgium ($163.85 million, up 14.7%), and France ($142.55 million, down 13.8%).
Other significant trade partners included the UAE ($5.11 billion, up 3.5 times), China ($2.63 billion, up 37.9%), Iran ($661.55 million, up 5.2%), the U.S. ($381.15 million, down 39.2%), Georgia ($304.01 million, up 27.2%), Iraq ($221.21 million, up 37%), Switzerland ($154.33 million, up 40.1%), and Japan ($122.39 million, down 62.9%).
Exports
Armenia’s exports in January–November 2024 totaled $12.31 billion, a 73.9% increase compared to the same period in 2023. In November 2024, exports amounted to $752.1 million, a 35% drop compared to November 2023, and a 19.6% decline from October 2024.
Exports to CIS countries totaled $3.16 billion, a 10.1% decrease from 2023. Russia remained the top destination ($2.95 billion, down 10.1%), followed by Belarus ($105.81 million, up 17.3%) and Kazakhstan ($49.78 million, down 32.4%).
Exports to EU countries dropped by 18.6%, totaling $551.87 million. The leading European destinations were the Netherlands ($114.46 million, down 51%), Belgium ($109.72 million, up 21.1%), and Bulgaria ($77.90 million, down 19%).
Other major export destinations included the UAE ($5.03 billion, up 3.6 times), China ($1.05 billion, up 2.8 times), Iraq ($220.80 million, up 37.4%), Georgia ($155.59 million, up 20.4%), Switzerland ($104.06 million, up 41.5%), Iran ($99.31 million, up 13%), and the U.S. ($54.21 million, up 24.1%).
The largest export categories were:
- Precious stones, metals, and products: $7.66 billion, up 3.6 times
- Machinery: $1.24 billion, down 1.3%
- Mining products: $941.13 million, up 15.3%
- Food products: $859.59 million, up 6.2%
- Textiles: $341.46 million, up 7.5%
- Base metals: $318.00 million, down 26.4%
- Plant products: $226.04 million, up 29.4%
- Equipment: $138.61 million, up 5.2%
Imports
Armenia’s imports in January–November 2024 totaled $15.87 billion, a 41.5% increase from the same period in 2023. In November 2024, imports amounted to $1.17 billion, a 21.4% decrease from November 2023, and a 12.8% drop from October 2024.
Imports from CIS countries reached $8.66 billion, growing 2.9 times compared to 2023. Russia remained the largest exporter ($8.85 billion, up 2.4 times), followed by Belarus ($93.64 million, up 2.9%) and Ukraine ($76.75 million, no change).
Imports from the EU declined by 11.2%, totaling $1.83 billion, with top exporters being Germany ($409.34 million, down 21.5%), Italy ($309.40 million, up 5.3%), and the Netherlands ($171.97 million, up 5.5%).
Other notable import sources included China ($1.09 billion, up 21.2%), Georgia ($714.72 million, down 15%), Iran ($572.48 million, up 3.6%), the UAE ($412.33 million, down 24.4%), and the U.S. ($324.35 million, down 59.7%).
The largest imported goods categories were:
- Precious stones, metals: $7.00 billion, up 3.5 times
- Machinery: $2.50 billion, up 8.2%
- Mining industry: $1.02 billion, up 1.2%
- Transport vehicles: $836.30 million, down 49.9%
- Food products: $668.05 million, up 17.5%
- Textiles: $632.49 million, up 7.1%
- Chemical products: $584.30 million, up 1.4%
- Base metals: $558.50 million, up 2.1%
