Exports from Armenia in January-March 2024 amounted to $4.4 billion, increasing by $2.79 billion, or 2.7 times compared to the same period last year. This is stated in the report "Economic Prospects of Armenia" by the Ministry of Economy of Armenia.
According to the report, the main products that contributed to the growth of exports in January-March 2024 include:
- Unprocessed or semi-processed gold in powder form: $2.5 billion, which is 12.78 times more than last year.
- Jewelry: $432.5 million, an increase of 27 times.
- Telephone and telegraph equipment, modems, spare parts: $220 million, a growth of 2.7 times.
- Diamonds: $185.8 million, an increase of 57%.
- Iron alloy: $119.2 million, a growth of 24%.
In the first quarter of 2024, these five types of products accounted for 78% of the total exports, with unprocessed or semi-processed gold in powder form making up 56% of the total exports. It is important to note that almost all the gold (99.9%) exported in the first quarter was of non-Armenian origin (re-export).
The main trading partners of Armenia for exports in January-March 2024 are:
- United Arab Emirates, accounting for 46% of total exports — $2.05 billion.
- Russia, accounting for 16.4% of total exports — $724.0 million.
- Hong Kong, accounting for 16.3% of total exports — $720.8 million, an increase of 36 times compared to the same period last year.
- China, accounting for 12.3% of total exports — $543.1 million.
Trade with the aforementioned four countries constitutes 91% of Armenia's total exports.
Imports to Armenia in January-March 2024 amounted to $4.7 billion, which represents an increase of $2 billion or 76% compared to the same period last year.
The main products that contributed to the growth of imports in January-March 2024 include:
- Unprocessed or semi-processed gold in powder form: $2.2 billion, which is 13.5 times more than last year.
- Telephone and telegraph equipment, modems, spare parts: $264 million, a growth of 52.2%.
- Diamonds: $222.0 million, an increase of 89.4%.
- Natural and liquefied gas: $174.4 million, an increase of 3.7%.
- Passenger cars: $119.6 million, a decrease of 65.9%.
- Oil and petroleum products: $118 million, an increase of 10.7%.
In the first quarter of 2024, the six aforementioned products together accounted for 65% of total imports, with "unprocessed or semi-processed gold in powder form" alone accounting for 46% of total imports.
