The volume of Armenia’s foreign and mutual trade turnover in January 2025 decreased by 40% compared to January 2024, amounting to $1.37 billion, according to the National Statistical Committee of Armenia.
Armenia’s foreign trade turnover began to slow in July 2024. In the first half of 2024, compared to the same period in 2023, the country’s trade turnover had doubled. However, this rapid growth decelerated over the following months:
- First seven months: +95%
- First eight months: +79.6%
- First nine months: +73.5%
- First ten months: +67.6%
- First eleven months: +54%
By the end of 2024, annual trade turnover had grown by 41.5% compared to 2023. However, in January 2025, compared to December 2024, trade turnover declined by 27.1%.
Foreign Trade Turnover
Armenia’s trade turnover with CIS countries in January 2025 totaled $478.3 million, marking a 53.8% decrease from January 2024, according to the report by the Armenian National Statistical Committee. Trade with the EAEU amounted to $467.2 million (-54.5%).
Armenia’s largest trading partners in this group were:
- Russia: $455.5 million (-54.8%)
- Belarus: $8.6 million (-25.9%)
- Ukraine: $5.5 million (+25.7%)
Trade turnover with the EU in January 2025 reached $154.6 million, reflecting a 9.9% increase. The five largest European trading partners were:
- Germany: $27 million (-8.7%)
- Italy: $24.5 million (-19.9%)
- Belgium: $16 million (+14.7%)
- Netherlands: $12.1 million (+63.9%)
- France: $9.4 million (+46.5%)
Among other countries, major trade partners included:
- China: $199.5 million (+0.2%)
- UAE: $138.8 million (-59%)
- Iran: $48.5 million (+31.8%)
- USA: $30.5 million (-40.6%)
- Iraq: $24.5 million (fivefold increase)
- South Korea: $17.1 million (+26.7%)
- Switzerland: $15.7 million (+13.6%)
- Georgia: $14.9 million (-24.3%)
Exports
Armenia’s exports in January 2025 totaled $482.2 million, reflecting a 49.2% decrease from January 2024. Compared to December 2024, exports fell by 36.3%.
Exports to CIS countries were $177 million, down 35.9% year-over-year. Exports to the EAEU reached $173.5 million (-36.7%), with top destinations:
- Russia: $166.7 million (-36.1%)
- Belarus: $4.9 million (-35.9%)
- Turkmenistan: $2.2 million (2.8x increase)
Exports to the EU rose 8.4% year-over-year to $36.4 million. The top three destinations were:
- Belgium: $10.8 million (+1.5%)
- Slovakia: $5.9 million (+27.1%)
- Bulgaria: $5.2 million (+32.4%)
Key export markets outside the CIS and EU included:
- UAE: $131.7 million (-60.7%)
- China: $38.1 million (-59.6%)
- Iraq: $24.4 million (fivefold increase)
- Switzerland: $13.9 million (twofold increase)
- Iran: $7.7 million (+1.8%)
- Georgia: $7.1 million (-46.9%)
- USA: $2.6 million (2.5x increase)
The largest export categories were:
- Precious metals/stones: $173.1 million (-70.6%)
- Mining industry: $75.9 million (+26%)
- Food industry products: $74.6 million (+44.8%)
- Machinery & equipment: $61.3 million (-53.8%)
- Textiles: $20.7 million (-37.2%)
- Instruments & apparatus: $14 million (-9.9%)
- Base metals: $11.6 million (-49.3%)
- Plant-based products: $9.2 million (+28.8%)
Imports
Armenia’s imports in January 2025 amounted to $895.1 million, a 33.5% decline from January 2024. Compared to December 2024, imports decreased by 20.9%.
Imports from CIS countries were $310.9 million, down 59.7%. Imports from the EAEU totaled $303.2 million (-60.3%), with key sources:
- Russia: $297.8 million (-60.7%)
- Ukraine: $5 million (+22.6%)
- Belarus: $3.6 million (-13.8%)
Imports from the EU reached $130.5 million by exporting country (+4%) and $118.2 million by producing country (+10%). The top sources were:
- Italy: $23.8 million (+17.8%)
- Germany: $21.8 million (-28.9%)
- Netherlands: $13.5 million (+6.2%)
Other major import sources included:
- China: $125.4 million (2.2x increase)
- Georgia: $49.7 million (+24.1%)
- Iran: $41.1 million (+38.4%)
- USA: $36.6 million (-34%)
- UAE: $31.1 million (-22.1%)
The largest import categories were:
- Machinery & equipment: $195.2 million (-22%)
- Precious metals/stones: $132.3 million (-78.5%)
- Mining industry: $121.9 million (+19.2%)
- Transport vehicles: $111.8 million (+69.8%)
- Food industry products: $51.3 million (+44.8%)
- Base metals: $48 million (+47.6%)
- Chemical industry products: $37.4 million (-37.3%)
- Textiles: $35.3 million (-25.2%)
Conclusion
Armenia’s sharp trade decline in January 2025 signals growing economic uncertainty, driven by weakening ties with traditional partners like Russia and the Eurasian Economic Union (EAEU). The steep drop in precious metal exports and machinery imports suggests a slowdown in key industries.
However, a 9.9% increase in trade with the EU indicates an attempt to shift toward European markets, with notable growth in exports to Belgium, Slovakia, and Bulgaria.
In a press conference in January 2025, Armenia’s Minister of Economy stated that Armenia “is not thinking of replacing the EAEU with something else”.
He noted that Armenia is striving to be independent, and independence means being not dependent on just one, but on everyone.
As Armenia is attempting to diversify its trade relations, particularly with the European Union, the balance between these two economic spheres will likely shape the country’s future economic trajectory.
