According to Armenia’s Statistical Committee, the country’s foreign trade turnover for the first nine months of 2024 reached $23.7 billion, marking a 73.5% increase compared to the same period in 2023.
This growth is mainly driven by three key partners: Russia, the United Arab Emirates (UAE), and China, which together account for around 69% of Armenia's total foreign trade turnover, underscoring their dominant role in Armenia’s external economic relations.
A particularly significant rise has been observed in Armenia’s export sector. From January to September 2024, Armenian exports doubled compared to the previous year, reaching $10.6 billion. Imports also showed substantial growth, totaling $13.1 billion—a 54.2% increase from the same period in 2023.
Russia remains Armenia’s largest trading partner, with trade turnover nearly doubling year-over-year, reaching over $9.7 billion. However, exports to Russia decreased by 15.5%, from $2.8 billion last year to $2.4 billion in the first nine months of 2024, while imports from Russia surged 3.4 times, reaching around $7.5 billion.
During this period, Russia’s share in Armenia’s foreign trade rose from 35.8% to 41.1%.
The UAE has now secured second place among Armenia’s trade partners. Trade turnover between Armenia and the UAE grew 6.3 times year-over-year to approximately $4.6 billion. This sharp increase is attributed to a dramatic rise in Armenian exports to the UAE, mainly driven by the re-export of Russian gold and diamonds through Armenia to the Emirates. Armenian exports to the UAE amounted to $4.5 billion—a 6.8-fold increase—while imports from the UAE were only $55.5 million. As a result, the UAE’s share of Armenia’s trade has surged from 5.3% last year to 19.4% in the first nine months of 2024.
China holds the third position with a trade turnover of $2.07 billion, reflecting a 34.7% increase. Exports to China skyrocketed by 281%, reaching $907 million, while imports decreased by 4.2% to $1.16 billion. Despite this strong growth in trade with China, its share in Armenia’s foreign trade fell from 11.3% last year to 8.7% in January-September 2024, due to the faster overall expansion of Armenia’s foreign trade.
The European Union, previously Armenia’s largest trading partner, has dropped to fourth place. Trade with the EU declined by 16.7% to $1.7 billion, accounting for just 7.2% of Armenia’s foreign trade, down from 14.9% last year.
Armenian exports to the EU fell by 22.7% to $444.8 million, while imports from the EU dropped by 14.6%. In total, Armenia imported $1.2 billion worth of goods from the EU in the first nine months of 2024.
