According to Armenia's Ministry of Finance, the country’s foreign trade saw significant growth in the first half of 2024. Exports increased by 2.3%, reaching a record $7.9 billion, while imports surged by an impressive 86.2%, totaling $10.48 billion.
Finance Minister Vahe Hovhannisyan noted that gold was the primary driver of this growth. Without considering this factor, Armenian exports would have actually decreased by 4%, and imports by 6.7%.
Meanwhile, according to the Ministry of Economy's report "Armenia: Economic Outlook," the structure of exports underwent substantial changes. The leading export was unprocessed or semi-processed gold, which grew 14.7 times to $4.1 billion. Significant growth was also observed in jewelry (up 18.4 times to $709.6 million), diamonds (up 55.7% to $397.3 million), telephones (up 55.5% to $333.0 million), and copper ore (up 17.1% to $267.6 million).
The UAE, Russia, Hong Kong, and China emerged as the main export partners, accounting for 89.7% of Armenia's total exports.
Imports also showed considerable growth, with key imported goods being gold, telephones, and diamonds. The main import partners were Russia, China, Georgia, and Iran, which together accounted for 77.4% of all imports.
