Armenia's export and import growth in 9 months of 2024 driven by increase in gold re-exports – Finance Ministry

YEREVAN, January 13. /ARKA/. The growth in exports and imports of Armenian goods from January to September 2024 is primarily due to the significant increase in gold re-exports, said Armenian Finance Minister Vahe Hovhannisyan.

"The dynamics of exports and imports of Armenian goods have undergone certain changes. From January to September 2024, exports nearly doubled. However, when considering only goods of Armenian origin, the growth was 1.4%," Hovhannisyan said at a meeting of the parliamentary commission on financial, credit, and budgetary issues on Monday.

According to him, the high growth is mainly due to the increase in gold re-exports.

Regarding imports during the reporting period, the minister noted that the growth exceeded 54%. However, if we exclude re-exports, the decline was 5.2%.

World Bank analysts had noted in August that gold and jewelry re-exports were the primary drivers of export growth in Armenia.

According to the National Statistical Committee, Armenia's foreign and mutual trade turnover from January to September 2024, compared to the same period in 2023, increased by 73.5%, reaching $23.7 billion. Exports, compared to the first nine months of 2023, grew 2.1 times to $10.6 billion, while imports from exporting countries amounted to $13.1 billion, an increase of 54.2%.