Armenia recorded a decline in both exports and imports in May - World Bank review

YEREVAN, July 28. /ARKA/. In May, both exports and imports fell, although more slowly, continuing the re-export phase-out trend, stated in the World Bank’s monthly review “Armenia Monthly Economic Update. July 2025”.

“Exports contracted 39.3 percent (yoy) in May, less than the 56.6 percent (yoy) fall in April. Imports also fell 20.4 percent (yoy), following a 41.1 percent (yoy) drop in April. This reflects the dwindling re-export trade in precious and semi-precious stones” ,- the study notes.

In May, exports of precious and semi-precious stones and metals fell 69.2 percent (yoy) and were the primary cause of the fall in total exports. There was also a fall in the export of means of transport (70.7 percent, yoy). Among traditional exports, ready food products (up 21 percent, yoy), textiles (up 55.2 percent, yoy) and minerals (up 14.2 percent, yoy) were the top contributors in marginally offsetting the significant fall in exports.

According to WB review, among imported products, the 61.4 percent (yoy) fall in precious metals was partly compensated by the increase in agricultural foods (up 54 percent, yoy), oils (up 37 percent, yoy) and ready food products (up 35 percent, yoy). Excluding the re-export trade in precious metals and stones, exports and imports grew 9.2 percent (yoy) and 14.3 percent (yoy), respectively. Cumulatively, over the January-May period, exports and imports fell 57.4 percent (yoy) and 42 percent (yoy), respectively, with the trade deficit widening 39.8 percent (yoy) to 7 percent of GDP, up from 5 percent of GDP in 2024. In June, gross international reserves increased by USD 145 million to USD 4 billion, equivalent to 3.1 months of import cover.