In the daily review of Armenia's economic development presented by the World Bank, it is noted that the country's export volumes continue to grow, reaching 191.3% in February 2024.
This impressive growth is primarily associated with a ninefold increase in the export of precious and semi-precious stones, mainly gold and precious jewelry.
The share of exports of precious stones in the country's total export volume increased from 25% in February 2023 to 75% in February 2024. This significant growth may be due to increased production volumes of valuable goods and an increase in re-exports, driven by geopolitical factors.
It is important to note that in addition to precious stones, export volumes of mineral resources such as copper, and textile products also increased by 72% and 134% respectively, contributing to overall export growth.
While the UAE became the main export destination in February, accounting for 46.6% of the total volume, the share of exports to Russia almost halved, decreasing to 20%. Nevertheless, Russia remains an important import source for Armenia, which in February increased by 80%.
This was mainly due to increased import volumes of precious and semi-precious stones. The net export of this commodity group in February amounted to $400 million.
