According to the Armenian Statistical Committee, the country's foreign trade turnover reached $26.2 billion in the first ten months of 2024, marking a 67.6% increase compared to the same period in 2023.
Notably, three key partners—Russia, the United Arab Emirates (UAE), and China—accounted for approximately 69.2% of this turnover, highlighting their dominant role in Armenia's foreign economic relations.
The export sector experienced remarkable growth. From January to October 2024, Armenian exports surged by 95.1% year-over-year, reaching $11.5 billion. Imports also saw significant growth, rising 50.8% to $14.6 billion during the same period.
Trade with Russia
Russia remained Armenia's leading trade partner, with bilateral trade turnover rising nearly 91.4% year-over-year to exceed $10.8 billion. However, Armenian exports to Russia fell by 13.6%, from $3 billion in 2023 to $2.5 billion in 2024, while imports from Russia tripled, reaching approximately $8.4 billion.
Russia's share of Armenia's total foreign trade also increased, growing from 36.3% in 2023 to 41.5% in 2024.
UAE: A Rising Trade Partner
The UAE ranked second among Armenia's trade partners. Bilateral trade from January to October 2024 surged 5.6 times compared to the same period in 2023, reaching approximately $4.9 billion. This growth was driven primarily by the re-export of Russian gold and diamonds via Armenia to the UAE.
Armenian exports to the UAE skyrocketed 5.9 times year-over-year, reaching $4.8 billion, while imports totaled just $66.3 million. The UAE's share of Armenia's foreign trade turnover rose sharply from 5.7% in 2023 to 18.8% in 2024.
Trade with China
China ranked third, with trade turnover amounting to $2.3 billion—a 35.5% increase compared to 2023. Exports from Armenia to China rose 2.8 times to $988 million, while imports from China fell by 2.1% to $1.3 billion.
Despite the growth in trade with China, its share in Armenia's foreign trade decreased from 11% in 2023 to 8.9% in 2024, reflecting the overall acceleration of Armenia's foreign trade growth.
The European Union's Declining Role
The European Union, which was previously Armenia's largest trading partner, fell to fourth place in 2024.
Trade turnover with the EU declined by 14.9% to $1.9 billion, accounting for just 7.3% of Armenia's total foreign trade, down from 14.4% in 2023.
Armenian exports to the EU fell by 22.3% to $500 million, while imports from the EU decreased by 11.9% to $1.4 billion.
