In 2023, Armenia's export structure underwent significant changes, according to data published by the country's customs service. As reported by Hetq, a publication specializing in investigative journalism, gold, diamonds, and mobile phones emerged as the top three export items.
The largest increase was seen in the export of semi-processed or unprocessed gold, which reached a record 29.1 tons, valued at $1.8 billion, a 4.4-fold increase compared to 2022. The majority of this gold (71%) was exported to the UAE, with the original source being imports from Russia.
Diamonds ranked second, with approximately 4.5 million carats exported, valued at $593 million. According to Hetq, these were mostly unprocessed diamonds of Russian origin.
Mobile phones took third place, with about 1.7 million devices exported from Armenia in 2023, totaling $535 million, which is double the amount from the previous year.
Experts attribute these changes to the rise in re-exports through Armenia following the onset of the Russia-Ukraine war and the imposition of Western sanctions against Russia. Armenia has become a key transit hub for various goods, including household appliances and automobiles, between Western countries and Russia.
