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Economy Minister Reports Tenfold Decrease in Gold Re-Exports from Armenia

Gold
Arshaluis Mgdesyan
05.12.24 12:15
87

The structure of Armenia’s export economy has undergone significant changes. According to Minister of Economy Gevorg Papoyan, the volume of gold re-exports in October 2024 decreased tenfold compared to the previous year’s figures.

At the same time, Papoyan highlighted positive trends in other economic sectors during a parliamentary session on December 4. These include increased tourism, accelerated development in the mining industry, and growing exports of agricultural products, canned goods, and alcoholic beverages.

Sanctions against Russia, with which Armenia maintains deep economic ties, have prompted a redirection of export flows. The minister noted that a significant share of goods previously exported to Europe is now being directed to the Chinese market. Exports to eastern, southern, and northern regions have grown considerably, while trade with Western countries has declined.

Statistics indicate that in the first nine months of 2024, precious metals and stones accounted for 55.5% of Armenia’s foreign trade, up from 15.4% during the same period last year. In monetary terms, exports in this category reached $6.96 billion, a 6.3-fold increase, while imports totaled $6.2 billion, rising 6.1-fold.

Significant changes in Armenia’s trade structure began two and a half years ago when precious metals and stones became the dominant export category, accounting for nearly one-third of total exports in 2023.

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