Armenia's October exports (excluding precious and semi-precious stones) rise by just 9.1% - WB

YEREVAN, December 23. /ARKA/. Excluding precious and semi-precious stones, Armenia's total exports increased by 9.1% year-on-year in October, according to the World Bank's “Armenia Monthly Economic Update – December 2024”.

"Exports in Armenia rose by 23.1% year-on-year in October, while imports increased by 6.6%. Export growth slowed from 39% in September and continued to be driven by re-exports of precious and semi-precious stones and metals," the study states.

WB analysts note that all major export categories showed year-on-year growth in October, except for machinery and equipment (which decreased by 19.8%).

"Significant growth was recorded in precious and semi-precious stones and metals (55.5%, despite the ongoing slowdown in growth rates observed since May 2024); textile products (59.6%); ores (32.5%); and food products (27.7%),” the report adds.

It is also noted that, in total, exports doubled from January to October, while imports grew by 50%, resulting in a 17.9% reduction in the trade deficit.

According to official statistics, exports from Armenia for the first 10 months of 2024, compared to the same period in 2023, increased by 95.1%, totaling $11.55 billion. In October 2024, this figure amounted to $931.6 million, marking a 23.1% increase compared to October 2023, and a 7.5% increase compared to September 2024.

The volume of imports to Armenia for the first 10 months of 2024 amounted to $14.68 billion, reflecting a 50.8% increase compared to January-October 2023. In October 2024, imports totaled $1.3 billion, which is a 6.6% increase compared to October 2023, and an 11.3% increase compared to September 2024.