During the first two months of 2024, the Armenian economy demonstrated a significant growth in exports, exceeding last year's figures by more than two times. Experts attribute this to a sharp increase in gold exports, which has been contributing to the growth of the industrial sector for several months.
"In February of the current year, the export growth reached 191.3%, which is 2.9 times higher than the previous year, and for January-February, the cumulative growth amounted to 155.1%, which is 2.6 times higher than the previous year. This impressive growth is based on gold exports, emphasizing its importance for the Armenian economy," experts from the "Luis" Foundation believe, analyzing data published by the Statistical Committee of Armenia on the socio-economic situation in the country for January-February 2024.
In January 2024, the export volume of the commodity group "precious and semiprecious stones, precious metals, and articles thereof," including jewelry, increased nearly ninefold compared to the previous year, reaching $587 million. This exceeds the total export volume for January of the previous year, which amounted to $449.4 million, according to the report.
The growth rates of exports are accompanied by an increase in imports. In February 2024, the import growth reached 79.9%, approximately 14.2% higher than the previous month. For January-February, the import growth amounted to 73.2%.
"The volume of imports of the commodity group 'precious and semiprecious stones, precious metals, and articles thereof' in January 2024 increased almost 8.5 times compared to the previous year, reaching $509.3 million. This group of goods provided approximately 59.9% of the January import growth," note the authors of the report.
Experts note that gold plays a key role in both exports and imports, which, in their opinion, confirms the possibility of re-exporting this product from Russia through Armenia to other countries, primarily to the United Arab Emirates (UAE).
In January of the current year, Armenia significantly increased the volume of imports specifically from Russia, while exports to the UAE also sharply increased.
Earlier, BMG reported, that in January of the current year, the UAE entered the top three main trading partners of Armenia, where the export of Armenian goods increased by 7.2 times to $335 million compared to January 2023. Imports from Russia to Armenia during this period tripled, reaching $630 million.
In general, the sharp increase in the production of jewelry compensated for the decline and slowdown in other key sectors of Armenia's industry.
The presence of gold re-export was also confirmed in a publication by Hetq, a publication specializing in investigations. This publication provides detailed descriptions of re-export mechanisms through companies affiliated with Armenian authorities.
