Armenia's trade statistics for H1 2024: export and import growth
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YEREVAN, September 2. /ARKA/. In the first half of 2024, Armenia's exports grew by 2.3%, while imports surged by 86.2%, according to a report by Armenian Finance Minister Vahagn Khachaturyan presented at a parliamentary session on financial and budgetary issues./pp
Khachaturyan highlighted the significant impact of gold on foreign trade statistics. Excluding gold, Armenia's export growth would have been approximately 4% lower. For the same period, while imports increased by 86.5%, the growth rate would have decreased to 6.7% without the influence of gold./pp
According to the Ministry of Economy's report Armenia: Economic Outlook dated August 30, 2024, Armenia's exports from January to June 2024 totaled $7.93 billion, an increase of $4.55 billion (2.3 times) compared to the same period last year. Key export products included gold ($4.12 billion, a 14.7-fold increase), jewelry and parts ($709.6 million, an 18.4-fold increase), diamonds ($397.3 million, a 55.7% increase), telephone and telegraph equipment ($333 million, a 55.5% increase), and copper ore ($267.6 million, a 17.1% increase). These five product categories collectively accounted for 73.5% of total exports, with unprocessed gold or semi-finished products alone comprising 52.0% of the total export volume./pp
Regarding imports, the total for January-June 2024 was $10.48 billion, marking an increase of $4.86 billion (86.5%) compared to the same period last year. Major imported goods included gold ($5.24 billion, a 21.3-fold increase), telephone and telegraph equipment ($419.7 million, a 26.8% increase), diamonds ($399.6 million, a 56% increase), natural and liquefied gas ($263.6 million, a 2.1% decrease), passenger cars ($260.6 million, a 2.9-fold decrease), and oil and petroleum products ($209.7 million, an 8% decrease)./pp
The report indicated that these six categories accounted for 64.8% of total imports, with unprocessed gold or semi-finished products alone comprising 50.0% of the total import volume./pp br/p