From January to August 2024, Armenia’s foreign trade turnover showed significant growth, reaching $22.5 billion. This marks a substantial increase compared to the same period last year. According to the Statistical Committee, positive dynamics were observed in both exports and imports.
Total exports for the first eight months of 2024 amounted to approximately $9.7 billion, 2.1 times higher than the figures for the same period in 2023.
In August 2024, exports reached $945 million, 58.1% higher than in August 2023, and 15.6% more than in July 2024. However, it is worth noting that fluctuations occurred throughout the year. After reaching a peak of $962.2 million in May, there was a decline in June and July, but August data shows a resumption of growth.
Imports also showed steady growth. From January to August 2024, total imports amounted to $12.8 billion, 86.8% higher than in the same period of 2023.
In August 2024, imports totaled $1.2 billion, an increase of 18.7% compared to August 2023 and 1.7% higher than July 2024. Unlike exports, import dynamics were more stable throughout the period under review.
According to a previously published World Bank report referenced by BMG, the key driver of Armenia’s export and import growth is the jewelry sector.
This category saw significant increases: exports in July rose 5.2 times, while imports grew 5.9 times. However, it should be noted that compared to the previous month, exports of precious metals and stones declined by 11.6%. Their share of total exports stood at 48.5%, significantly lower than the 75% recorded at the beginning of 2024.
