Armenia flag Armenia: Economic and Political Overview

Foreign trade figures of Armenia

Foreign Trade in Figures

Foreign trade in Armenia represents 101% of GDP (World Bank, latest data available), and the country follows an open and liberal policy regarding international commerce. Overall, minerals represent more than half of total exports, which include mosltly copper ores, diamonds, gold, cigars, and ethyl alcohol. On the other hand, Armenia mainly imports motor cars, petroleum gases and oils, diamonds, and telephones (Comtrade).

According to data from Comtrade, Armenia’s main export partners in 2022 were Russia (44.6%), the United Arab Emirates (10.1%), China (7.0%), Switzerland (4.8%), Iraq (4.7%), and the Netherlands (4.0%). The Russian Federation was also the main import partner (30.4%), followed by China (15.4%), Iran (6.9%), Germany (4.6%), and the United States (4.1%). The country has been searching for new energy sources, especially after the Russian-Georgian conflict, which temporarily disrupted its hydrocarbon supply and revealed the country's energy vulnerabilities. Tensions remain with a couple of its neighboring countries, such as Azerbaijan and Turkey, and have an impact on trade. Armenia's closeness with Russia and its adherence to the Eurasian Economic Union limit the country's ability to further integrate with the EU.

Armenia has a structural trade deficit, estimated at 1% of GDP in 2022, compared to 7.9% one year earlier (World Bank). According to figures from the WTO, in 2022, Armenia exported goods with a total value of USD 5.3 billion (+77.3% year-on-year), while it imported goods worth USD 8.7 billion (an increase of 63.7%). Concerning services, the country exported USD 4.1 billion and imported USD 2.5 billion (+240.7% and +90.3% year-on-year, respectively). According to the latest figures from the National Statistics Committee (NSC), Armenia's exports in the first ten months of 2023 rose by 38.5% year-on-year, reaching about USD 5.8 billion, while imports reached USD 9.6 billion, up 42.9% compared to the same period one year earlier.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 5,5144,5595,3578,76912,308
Exports of Goods (million USD) 2,6402,5443,0235,3608,415
Imports of Services (million USD) 2,5219811,3382,6093,695
Exports of Services (million USD) 2,4341,0991,7354,3206,382

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 92.596.169.579.298.4
Trade Balance (million USD) -1,763-1,722-1,382-1,505-1,859
Trade Balance (Including Service) (million USD) -1,753-1,809-1,264-1,108-148
Imports of Goods and Services (Annual % Change) 13.311.6-31.512.933.8
Exports of Goods and Services (Annual % Change) 5.016.0-33.516.654.4
Imports of Goods and Services (in % of GDP) 53.154.839.743.850.7
Exports of Goods and Services (in % of GDP) 39.441.429.835.347.7

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 40.2-10.8-2.34.75.8
Volume of imports of goods and services (Annual % change) 46.2-6.5-0.35.96.6

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Among others, Armenia is member of the Commonwealth of Independent States (CIS), of the Conference on Security and Cooperation in Europe (CSCE), of the World Bank etc.  
 

Main Partner Countries

Main Customers
(% of Exports)
2023
United Arab Emirates 26.6%
Hong Kong SAR, China 8.0%
China 5.1%
Netherlands 2.8%
Iraq 2.2%
See More Countries 55.4%
Main Suppliers
(% of Imports)
2023
China 13.5%
Vietnam 6.8%
United States 4.6%
Germany 4.0%
India 2.9%
See More Countries 68.2%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

8.4 bn USD of products exported in 2023
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 21.6%
Diamonds, whether or not worked, but not mounted...Diamonds, whether or not worked, but not mounted or set (excl. unmounted stones for pick-up styluses, worked stones, suitable for use as parts of meters, measuring instruments or other articles of chapter 90) 7.0%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 6.4%
Articles of jewellery and parts thereof, of...Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal (excl. articles > 100 years old) 5.9%
Copper ores and concentratesCopper ores and concentrates 5.8%
See More Products 53.3%
12.0 bn USD of products imported in 2023
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 11.4%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 8.9%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 6.0%
Diamonds, whether or not worked, but not mounted...Diamonds, whether or not worked, but not mounted or set (excl. unmounted stones for pick-up styluses, worked stones, suitable for use as parts of meters, measuring instruments or other articles of chapter 90) 4.7%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 4.3%
See More Products 64.8%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

4.2 bn USD of services exported in 2022
58.01%
16.73%
13.89%
4.71%
2.48%
1.45%
1.33%
0.91%
0.27%
0.21%
2.6 bn USD of services imported in 2022
50.29%
30.90%
5.72%
4.54%
2.52%
1.59%
1.43%
1.40%
1.12%
0.49%

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: April 2024