Exports of Armenian-origin products decreased by 14.3% in the first three months of 2024 compared to the same period last year, Deputy Minister of Finance Vahan Sirunyan reported during the discussion of the state budget performance for the first quarter of 2024 in parliament.
According to Sirunyan, while overall exports of goods increased by 2.7 times compared to the first three months of 2023, exports of Armenian-origin products saw a decline of 14.3%.
The Deputy Minister explained that the significant growth in overall exports was primarily due to the re-export of gold, mainly to the United Arab Emirates.
Meanwhile, imports in the first three months of 2024 increased by 75.8% compared to the same period last year. However, excluding the impact of re-exports, the actual decrease in imports was 9.2%.
Earlier, BMG reported that Armenia's total foreign trade volume for the first four months of this year increased 2.4 times compared to the same period last year, reaching $13.7 billion. Russia remains the leading trading partner with Armenia. In January-April of this year, trade turnover with Russia increased by 3.1 times, amounting to $6.3 billion.
The UAE holds the second place among Armenia's foreign trade partners, with trade turnover in January-April growing nearly 7.3 times compared to the same period last year, reaching $2.85 billion.
China ranks third in terms of trade volumes with Armenia, with a trade volume of $1.03 billion. Trade with China increased by 61% in the first four months of 2024.
