Armenia's foreign trade turnover decreased by 40% in January to $1.4 Billion, China overtakes UAE in top three

YEREVAN, March 7. /ARKA/. The volume of Armenia’s foreign and mutual trade turnover in January 2025 decreased by 40% compared to January 2024, amounting to $1,377,384.1 thousand, according to the report from the National Statistical Committee of the country.

It should be noted that Armenia’s foreign trade turnover started to slow down in July of the previous year. In the first half of 2024, compared to the same period in 2023, Armenia's foreign trade turnover doubled. However, over the next several months, growth slowed: by 95% in the first seven months, 79.6% in eight months, 73.5% in nine months, 67.6% in ten months, and 54% in eleven months. For the entire year of 2024, the growth was 41.5% compared to 2023. In January 2025, compared to December 2024, this indicator decreased by 27.1%.

Foreign Trade Turnover
The foreign trade turnover with the CIS countries in January of this year amounted to $478,284.7 thousand, which is a decrease of 53.8% compared to January 2024. This includes turnover with the EAEU, which was $467,201.6 thousand (a decrease of 54.5%). Armenia's largest trading partners are Russia (with a turnover of $455,498.4 thousand in January 2025, a decrease of 54.8% compared to January 2024), Belarus ($8,615.5 thousand, a decrease of 25.9%), and Ukraine ($5,450.7 thousand, an increase of 25.7%).

The foreign trade turnover with EU countries for the reporting period amounted to $154,560.6 thousand, reflecting a growth of 9.9%. The top five largest trading partners among European countries were Germany ($26,999.4 thousand, a decrease of 8.7%), Italy ($24,507.9 thousand, a decrease of 19.9%), Belgium ($15,986.3 thousand, an increase of 14.7%), the Netherlands ($12,094.1 thousand, an increase of 63.9%), and France ($9,399.2 thousand, an increase of 46.5%).

Among other countries, the largest trade volumes with Armenia in January 2025 came from China ($199,528.8 thousand, an increase of 0.2%), the UAE ($138,832.8 thousand, a decrease of 59%), Iran ($48,489.6 thousand, an increase of 31.8%), the USA ($30,541.5 thousand, a decrease of 40.6%), Iraq ($24,535.4 thousand, a fivefold increase), South Korea ($17,093.4 thousand, an increase of 26.7%), Switzerland ($15,707.4 thousand, an increase of 13.6%), and Georgia ($14,852.9 thousand, a decrease of 24.3%).

Exports
According to statistical data, Armenia’s exports in January 2025 decreased by 49.2% compared to January 2024, amounting to $482,247.8 thousand. Compared to December 2024, exports declined by 36.3%.

The volume of exports to CIS countries for the reporting period in 2024 was $176,973.2 thousand, a decrease of 35.9% compared to the same period last year. Exports to the EAEU amounted to $173,482.1 thousand (a decrease of 36.7%). The top three export destinations were Russia ($166,664.7 thousand, a decrease of 36.1%), Belarus ($4,880.6 thousand, a decrease of 35.9%), and Turkmenistan ($2,209.9 thousand, an increase of 2.8 times).

Exports to the EU countries increased by 8.4% compared to January 2024, reaching $36,352.9 thousand. The top three countries by export volume were Belgium ($10,809.5 thousand, an increase of 1.5%), Slovakia ($5,863.1 thousand, an increase of 27.1%), and Bulgaria ($5,232.0 thousand, an increase of 32.4%).

Other countries with significant export volumes from Armenia included the UAE ($131,694.8 thousand, a 60.7% decrease), China ($38,101.7 thousand, a 59.6% decrease), Iraq ($24,389.3 thousand, a fivefold increase), Switzerland ($13,875.4 thousand, a twofold increase), Iran ($7,667.9 thousand, a 1.8% increase), Georgia ($7,139.5 thousand, a 46.9% decrease), and the USA ($2,620.4 thousand, a two and a half fold increase).

The most significant export categories in the reporting period were: "precious and semi-precious stones, precious metals and products made from them" - $173,083.0 thousand (a decrease of 70.6% compared to January 2024), "mining industry" - $75,865.1 thousand (an increase of 26%), "finished products of the food industry" - $74,577.8 thousand (an increase of 44.8%), machinery, equipment, and mechanisms - $61,323.5 thousand (a decrease of 53.8%), "textiles and products made from them" - $20,713.4 thousand (a decrease of 37.2%), "instruments and apparatus" - $13,991.6 thousand (a decrease of 9.9%), "base metals and products made from them" - $11,582.2 thousand (a decrease of 49.3%), and "products of plant origin" - $9,236.7 thousand (an increase of 28.8%).

Imports
According to statistical data, Armenia's imports in January 2025 amounted to $895,136.3 thousand, a decrease of 33.5% compared to January 2024. Compared to December 2024, imports declined by 20.9%.

Imports from the CIS countries for the reporting period amounted to $310,879.1 thousand by exporting countries (a decrease of 59.7%) and $301,311.5 thousand by producing countries (a decrease of 60.3%). Imports from the EAEU amounted to $303,194.7 thousand by exporting countries (a decrease of 60.3%) and $293,719.5 thousand by producing countries (a decrease of 61%). The top three exporting countries were Russia ($297,765 thousand, a decrease of 60.7%), Ukraine ($4,981.5 thousand, an increase of 22.6%), and Belarus ($3,644.7 thousand, a decrease of 13.8%).

Imports from the EU by exporting countries amounted to $130,515.2 thousand (an increase of 4% compared to January 2024), while imports from producing countries grew by 10%, reaching $118,207.7 thousand. The leading exporting countries were Italy ($23,799.5 thousand, an increase of 17.8%), Germany ($21,758.9 thousand, a decrease of 28.9%), and the Netherlands ($13,480.3 thousand, an increase of 6.2%). The top producing countries were Italy ($22,777.8 thousand, a decrease of 14.5%), Germany ($21,767.4 thousand, a decrease of 15.1%), and Greece ($9,522.9 thousand, a 5.2-fold increase).

Other countries with the largest import volumes from Armenia included China ($125,400.0 thousand, a 2.2-fold increase), Georgia ($49,694.7 thousand, an increase of 24.1%), Iran ($41,079.9 thousand, an increase of 38.4%), the USA ($36,570.0 thousand, a decrease of 34%), and the UAE ($31,109.3 thousand, a decrease of 22.1%).

The leading import product groups in January 2025 were: "machinery, equipment, and mechanisms" - $195,222.2 thousand (a decrease of 22%), "precious and semi-precious stones, precious metals and products made from them" - $132,268.4 thousand (a decrease of 78.5%), "mining industry" - $121,895.0 thousand (an increase of 19.2%), "land, air, and water transport vehicles" - $111,816.7 thousand (an increase of 69.8%), "finished products of the food industry" - $51,265.0 thousand (an increase of 44.8%), "base metals and products made from them" - $47,992.6 thousand (an increase of 47.6%), "chemical and related industries products" - $37,416.3 thousand (a decrease of 37.3%), and "textiles and products made from them" - $35,327.4 thousand (a decrease of 25.2%).