United Arab Emirates is now Armenia’s leading export destination, says World Bank

YEREVAN, February 19. /ARKA/.. Armenian export growth remained exceptionally high in 2023 owing to high exports of gold and jewelry, the World Bank says in its "Armenia Monthly Economic Update - February 2024".
Exports of goods grew 137 percent (yoy) in December 2023. This was driven by an 11-fold increase in exports of precious and semi-precious stones, whose share of total exports rose from 17 percent in December 2022 to 73.2 percent in December 2023.
Exports of footwear, textiles, leather, and fur surged by 183 percent, 86 percent, and 74 percent, respectively. The United Arab Emirates is now the leading export destination, with a 15-fold rise in December exports (yoy).
Imports increased by 34 percent, mainly driven by precious and semi-precious stones. Cumulatively in 2023, exports and imports grew 55 percent and 40 percent, respectively. According to Armenia’s National Statistical Committee, the country’s foreign trade in 2023 surged to $20.7 billion, up 46% from 2022. Exports grew by 55.3% to $8.4 billion, while imports amounted to $12.3 billion with a 40.2% growth.
Armenia's foreign trade in December 2023 alone grew by $2.8 billion with a 72% increase compared to December 2022. Exports totaled $1.5 billion, while imports grew by $1.4 billion. -0-