According to the World Bank, Armenia's foreign trade balance significantly improved during the first nine months of 2024. The country’s exports doubled, while imports rose by 54%, leading to a 24% year-over-year reduction in the trade deficit.
In September, exports increased by 39% compared to the same period last year, primarily driven by the re-export of precious and semi-precious stones and metals. Excluding this category, export growth was minimal. However, growth in this segment has been slowing since May, following a substantial surge during the first four months of the year. Imports in September grew more modestly, at 12%, due to a slowdown in re-export activities.
Meanwhile, Armenia's national currency, the dram, remained stable against the US dollar in October while continuing to strengthen against the Russian ruble. By the end of October, the dram had appreciated by 3.8% against the dollar and by 8.9% against the ruble year-over-year. The country’s international reserves saw a slight increase of $24.8 million, providing import coverage for 2.5 months.
