Armenia's foreign trade turnover slows to $23.7 billion in 9 months; major trade partners are Russia, UAE, and China
YEREVAN, November 6. /ARKA/. Armenia's foreign trade in January-September 2024 increased by 73.5% compared to the same period in 2023, reaching over $23.7 billion, according to the Armenian National Statistical Committee's website.
Armenia's largest foreign trade partners were Russia (with a trade turnover of over $9.7 billion, a 99.2% increase compared to the first nine months of 2023) and the EU, with a turnover of about $1.7 billion, a decline of 16.9%.
The top five largest trading partners among European countries were Germany ($348.8 million, a decline of 29.6%), Italy ($315.3 million, a decline of 0.3%), Belgium ($138 million, an increase of 23%), the Netherlands ($123.6 million, a decline of 53.8%), and France ($113.5 million, a decline of 3.5%).
Among other countries, the largest trade turnover were the UAE ($4.6 billion, a 6.3-fold increase), China (over $2 billion, a 34.7% increase), Iran ($520.6 million, a 2.7% increase), and the United States ($323.2 million, a 41% decrease).
Exports
According to statistical data, Armenia's exports for the first nine months of 2024 increased 2.1-fold compared to January-September 2023, totaling about $10.6 billion.
Export to Russia (about $2.3 billion, a decline of 15.5%), the volume of exports to EU countries decreased by 22.7% compared to January-September 2023, totaling $444.9 million.
Other countries with the largest export volumes from Armenia include the UAE ($4.6 billion, a 6.8-fold increase), China ($907.8 million, a 2.8-fold increase), and Iraq ($154.9 million, a 13.1% increase).
The bulk of exports consisted of precious and semi-precious stones, precious metals, and products – about $7 billion (a 6.3-fold increase compared to January-September 2023), machinery, equipment, and mechanisms – $about 965 million(a decrease of 1.1%), mining industry products – $765. 6 million (an increase of 11.9%), and finished food products – $649 million (an increase of 2%).
Imports
According to statistics, the volume of imports to Armenia for the first 9 months of 2024 amounted to over $13. 1 billion, marking an increase of 54.2% compared to January-September 2023.
Imports from Russia totaled $7.6 billion, a 3.3-fold increase. Imports from EU countries during the reporting period decreased by 14.8%, amounting to about $1.5 billion.
Imports to China totaled $776.1 million, an increase of 7.6%; from the UAE, $336.2 million, a decrease of 24.2%; and from the USA, $281.2 million, a decrease of 59.5%.
The bulk of imports consisted of precious and semi-precious stones, precious metals and products - $6.2 billion(a 6.1-fold increase), machinery, equipment, and mechanisms - about $2 billion (a 3.7% increase), mining industry products - $797.1 million (a 3.3% decrease), land, air, and water transport vehicles - $686.2 million (a 52.6% decrease), and finished food industry products - $516 million(a 16% increase). -0-
