According to a report by the Statistical Committee of Armenia, the country's foreign trade turnover for the first seven months of 2024 reached $20.4 billion, marking a 95% increase compared to the same period in 2023.
Notably, the majority of this turnover is concentrated among three key partners: Russia, the United Arab Emirates, and China. These countries account for around 72% of Armenia's total foreign trade, emphasizing their dominant role in Armenia's foreign economic relations.
A particularly significant rise is observed in the export sector. From January to July 2024, Armenia's exports increased by 2.2 times compared to the same period last year, reaching $8.7 billion. Imports also saw substantial growth, amounting to $11.6 billion, which is 79.1% higher than the corresponding period in 2023.
According to the Statistical Committee, Russia has consistently maintained its leadership in trade volumes with Armenia. In January-July this year, trade turnover with Russia increased by 2.4 times, amounting to more than $9 billion in monetary terms. However, exports to Russia decreased by 22.4% from last year's $2.1 billion to $1.6 billion in the first seven months of 2024, while imports from Russia increased 4.4 times, reaching approximately $7.5 billion.
During the reporting period, Russia's share in Armenia's foreign trade structure also grew from 36% last year to 44.4%.
The UAE ranks second among Armenia’s foreign trade partners, with trade turnover from January to July rising nearly 7.3 times compared to the same period last year, reaching around $4 billion. According to the Statistical Committee, this surge in trade is attributed to a sharp increase in Armenian exports to the Emirates.
In the first seven months of this year, compared to the same period in 2023, Armenia exported $3.95 billion worth of goods to the UAE, showing a 7.7-fold growth, while imports amounted to only $32.8 million. The UAE’s share in Armenia’s foreign trade structure also significantly increased, rising from last year’s 5.2% to 19.5% in January-July of this year.
China ranks third in terms of trade with Armenia, totaling $1.64 billion. Trade with China in the first seven months of 2024 grew by 41.6%.
Armenian exports to China saw a sharp increase, growing 3.2 times to $777.8 million, while imports decreased by 5.8% to $865 million.
Despite the notable growth in trade with China, its share in Armenia's foreign trade decreased from last year’s 11.1% to 8% in January-July of this year. This decline is due to the overall rapid growth in Armenia’s foreign trade.
The European Union, which was Armenia’s largest trading partner in previous years, dropped to fourth place in January-July 2024. Trade turnover with the EU decreased by 21.4% to $1.27 billion, accounting for just 6.3% of Armenia's foreign trade, compared to 15.4% last year.
Armenia's exports to the EU during the reporting period fell by 26.3% to $332 million, while imports from EU countries decreased by 19.4%, totaling $940 million in goods imported from the EU in the first seven months of 2024.
