The World Bank's "Armenia Monthly Economic Update – September 2024" report presents data on Armenia’s current economic situation, highlighting both sharp export growth and certain challenges.
According to the report, July saw a significant increase in both exports and imports. The export of goods rose by 42.8% compared to the same period last year, while imports grew by 30.7%. The primary driver of this growth was the re-export of gold and jewelry.
The sector of precious and semi-precious stones and metals showed particularly strong results. Exports in this category increased 5.2 times, while imports surged 5.9 times. However, compared to the previous month, the export of precious metals and stones decreased by 11.6%, with their share in total exports dropping to 48.5%, significantly lower than the 75% recorded at the beginning of 2024.
Other sectors of the economy also experienced growth. Exports of mining industry products increased by 15%, finished food products by 11%, and agricultural products by 52%.
However, not all sectors showed positive dynamics. Exports of machinery, equipment, and mechanisms, as well as motor vehicles—leaders in growth in 2023—declined in July by 21% and 86%, respectively.
For the period from January to July, total export growth was 121.2%, and import growth was 79.1%. Despite the impressive rise in exports, this led to a 14.5% increase in the trade deficit, according to the World Bank report.
