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Wednesday, January 15, 2025
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Armenia's foreign trade turnover reaches $28.2 billion, growth slows

13.01.2025, 10:54
The volume of Armenia's foreign and mutual trade turnover in January-October 2024 increased by 54% compared to the same period in 2023, amounting to $28,179,559.6 thousand, according to data published on the website of the National Statistical Committee of Armenia.
Armenia's foreign trade turnover reaches $28.2 billion, growth slows

YEREVAN, January 13. /ARKA/. The volume of Armenia's foreign and mutual trade turnover in January-October 2024 increased by 54% compared to the same period in 2023, amounting to $28,179,559.6 thousand, according to data published on the website of the National Statistical Committee of Armenia.

It is worth noting that the growth of Armenia's foreign trade turnover for the first 10 months of 2024 was 67.6%, for 9 months it was 73.5%, for 8 months it was 79.6%, for 7 months it was 95%, and for the first half of the year, the figure doubled.

In November 2024, the turnover amounted to $1,918.4 million, a decrease of 27.4% compared to November 2023 and a decrease of 15.6% compared to October 2024.

Foreign Trade Turnover

Armenia's foreign trade turnover with CIS countries for January-November 2024 totaled $12.05 billion, a 66.9% increase compared to the same period in 2023. Russia is Armenia’s largest partner ($11.62 billion, up 71.6%), followed by Belarus ($190.48 million, up 9%) and Ukraine ($82.1 million, down 0.5%).

Trade with EU countries amounted to $2.11 billion, a 14.1% decrease. The largest European partners are Germany ($443.91 million, down 24.4%), Italy ($382.38 million, up 0.1%), the Netherlands ($166.62 million, down 42.3%), Belgium ($163.85 million, up 14.7%), and France ($142.55 million, down 13.8%).

Other notable trade partners in January-November 2024 include the UAE ($5.11 billion, up 3.5 times), China ($2.63 billion, up 37.9%), Iran ($661.55 million, up 5.2%), the USA ($381.15 million, down 39.2%), Georgia ($304.01 million, up 27.2%), Iraq ($221.21 million, up 37%), Switzerland ($154.33 million, up 40.1%), and Japan ($122.39 million, down 62.9%).

Export

Exports from Armenia in January-November 2024 totaled $12.31 billion, up 73.9% from the same period in 2023. In November 2024, exports amounted to $752.1 million, a 35% decrease from November 2023, and a 19.6% decrease from October 2024.

Exports to CIS countries reached $3.16 billion, a 10.1% decline from 2023. The top exporters were Russia ($2.95 billion, down 10.1%), Belarus ($105.81 million, up 17.3%), and Kazakhstan ($49.78 million, down 32.4%).

Exports to EU countries fell by 18.6%, totaling $551.87 million. The leading European export destinations were the Netherlands ($114.46 million, down 51%), Belgium ($109.72 million, up 21.1%), and Bulgaria ($77.90 million, down 19%).

Other major export destinations included the UAE ($5.03 billion, up 3.6 times), China ($1.05 billion, up 2.8 times), Iraq ($220.80 million, up 37.4%), Georgia ($155.59 million, up 20.4%), Switzerland ($104.06 million, up 41.5%), Iran ($99.31 million, up 13%), and the U.S. ($54.21 million, up 24.1%).

The largest export categories were "precious stones, metals, and products" ($7.66 billion, up 3.6 times), machinery ($1.24 billion, down 1.3%), mining products ($941.13 million, up 15.3%), food products ($859.59 million, up 6.2%), textiles ($341.46 million, up 7.5%), base metals ($318.00 million, down 26.4%), plant products ($226.04 million, up 29.4%), and equipment ($138.61 million, up 5.2%).

Import

In January-November 2024, Armenia's imports totaled $15.87 billion, an increase of 41.5% compared to the same period in 2023. In November 2024, imports amounted to $1.17 billion, a 21.4% decrease from November 2023, and a 12.8% drop from October 2024.

Imports from the CIS reached $8.66 billion, growing 2.9 times from 2023. Top exporters were Russia ($8.85 billion, up 2.4 times), Belarus ($93.64 million, up 2.9%), and Ukraine ($76.75 million, no change). Imports from the EU decreased by 11.2%, totaling $1.83 billion, with top exporters being Germany ($409.34 million, down 21.5%), Italy ($309.40 million, up 5.3%), and the Netherlands ($171.97 million, up 5.5%).

Other significant import sources include China ($1.09 billion, up 21.2%), Georgia ($714.72 million, down 15%), Iran ($572.48 million, up 3.6%), UAE ($412.33 million, down 24.4%), and the U.S. ($324.35 million, down 59.7%).

The largest imported goods categories were: "precious stones, metals" ($7.00 billion, up 3.5 times), "machinery" ($2.50 billion, up 8.2%), "mining industry" ($1.02 billion, up 1.2%), "transport vehicles" ($836.30 million, down 49.9%), "food products" ($668.05 million, up 17.5%), "textiles" ($632.49 million, up 7.1%), "chemical products" ($584.30 million, up 1.4%), and "base metals" ($558.50 million, up 2.1%).