According to a report by Armenia’s Statistical Committee, the country’s foreign trade turnover for the period from January to September 2024 amounted to $21.7 billion, a 79.6% increase compared to the same period last year.
However, it is important to note that this figure is $800 million lower than the preliminary data published by the Statistical Committee a few weeks earlier for the same period.
The bulk of this turnover is concentrated among three key partners—Russia, the United Arab Emirates, and China. These countries account for about 70.1% of Armenia’s total foreign trade, highlighting their dominant role in the country’s external economic relations.
Significant growth was observed in the export sector. From January to August 2024, Armenia’s exports increased 2.5 times compared to the same period last year, reaching $9.7 billion. Imports also saw a substantial rise, amounting to $12.01 billion, which is also 2.5 times higher than in the corresponding period of 2023.
According to the Statistical Committee, Russia continues to lead in terms of trade volume with Armenia. In January-August of this year, trade turnover with Russia grew by 2.1 times, amounting to over $8.9 billion. However, exports to Russia fell by 19.5%, dropping from $2.39 billion last year to $1.9 billion in the first eight months of 2024, while imports from Russia increased 3.7 times, reaching around $7.1 billion.
During the reporting period, Russia’s share in Armenia’s foreign trade structure also increased from 35.6% last year to 41.4%.
The UAE ranks second among Armenia’s foreign trade partners, with trade turnover in January-August growing almost 6.8 times compared to the same period last year, reaching about $4.35 billion. This sharp increase, according to the Statistical Committee, is primarily due to a significant rise in Armenian exports to the UAE.
In January-August of this year, compared to the same period in 2023, Armenia exported $4.3 billion worth of goods to the UAE (a 7.3-fold increase), while imports amounted to just $42.7 million. The UAE’s share in Armenia’s foreign trade structure also surged—from 5.3% last year to 20.1% in January-August this year.
China ranks third in trade with Armenia, with a turnover of $1.86 billion. Trade with China in the first eight months of 2024 grew by 37.7%.
Armenian exports to China saw a threefold increase, reaching $840 million, while imports decreased by 4.5%, totaling $1 billion.
Despite the noticeable increase in trade with China, its share in Armenia’s foreign trade dropped from 11.2% last year to 8.6% in January-August of this year. This decrease was due to the overall faster growth of Armenia’s foreign trade.
The European Union, which had previously been Armenia’s largest trading partner, ranked fourth in January-August 2024. Trade turnover with the EU decreased by 19.2%, amounting to $1.5 billion, representing only 6.9% of Armenia’s foreign trade, down from 15.3% last year.
Armenian exports to the EU during the reporting period dropped by 24.2% to $391 million. Meanwhile, imports from EU countries decreased by 17.2%, with Armenia importing $1.1 billion worth of goods from the EU in the first eight months of 2024.
