WB identifies reason for sharp decline in Armenia’s exports and imports in November

YEREVAN, January 29. /ARKA/. Armenia’s the trade turnover fell in November 2024 (yoy), following strong growth in previous months, the World Bank says in its Armenia Monthly Economic Update – January 2025 review.
It says exports fell 35 percent (yoy) in November, after a 23.6 percent (yoy) increase in October. Imports also fell 21.4 percent, after a 9.2 percent (yoy) increase in October.
The sharp November decline was driven by lower exports (down 64.6 percent, yoy) and imports (down 70.6 percent, yoy) of precious and semi-precious stones, explained by a high base effect of this re-export category, which had started to surge in November 2023.
Exports and imports of transport facilities fell by 54 percent (yoy) and 35 percent (yoy), respectively, following a mid-2023 ban by Georgia on car re-exports to Russia.
All other export categories experienced yoy growth except for oils and fats (down 56 percent, yoy), and wooden items (down 13 percent, yoy).
Excluding precious and semi-precious stones and transport facilities (re-exports of major items), total exports grew 32 percent (yoy).
Cumulatively through November, exports and imports grew 73.9 percent (yoy) and 41.5 percent (yoy), respectively, with the trade deficit narrowing 13.9 percent (yoy).
According to Armstat, Armenia’s foreign trade turnover in January-November 2024, when compared to the same period of 2023 was up 54% to $28.2 billion.
Exports in the first 11 months of 2024 compared to January-November 2023 grew by 73.9% to $12.3 billion, while imports amounted to $15.9 billion, with a 41.5% increase compared to January-November 2023.
Meanwhile, in November 2024, Armenia’s trade turnover totaled $1.9 billion (down 27.4% year-over-year and 15.6% month-over-month), exports totaled $752.1 million (down 35% year-over-year and 19.6% month-over-month), while imports totaled $1.2 billion (down 21.4% year-over-year and 15.6% month-over-month).