WB: Significant decline in exports and imports in February due to high base effect

YEREVAN, April 25. /ARKA/. Exports and imports in Armenia continued to contract significantly (yoy) in February 2025 due to a high base effect. In February, exports and imports fell 67.7 percent (yoy) and 46 percent (yoy), respectively. This is stated in the World Bank’s review “Armenia Monthly Economic Update – April 2025”.

“As in previous months, the decline was due to contraction in re-exports of precious and semi precious stones (down 88 percent, yoy). Mineral exports also contracted, due to a 45 and 93 percent (yoy) decline in copper and gold exports, respectively caused by continues challenges in operations of the mines. Exports of other items also fell, although there were increases in the export of agricultural products (up 90 percent, yoy), ready food products (up 42 percent, yoy), and machinery (up 22 percent, yoy), the study says.

WB analysts note that in January-February, exports and imports dropped 59.7 percent (yoy) and 45.8 percent (yoy), respectively, with the trade deficit widening 10.8 percent (yoy).

“Over the period, 44 percent of total exports went to Russia, 22 percent to United Arab Emirates, 7 percent to EU countries, and 0.6 percent to the USA,” study notes.

According to Armstat, in February 2025, the volume of Armenia's foreign trade turnover amounted to $1368.4 million, decreasing by 61% compared to February 2024. The volume of exports in the specified period amounted to $528.0 million, and imports - $840.4 million.