Diversification of Armenia’s foreign trade remains insufficient – Alpha Economics
February 11 2026, 18:00
Armenia’s foreign trade continued to decline in 2025. The main reason was the sharp increase in the previous period due to gold re-exports, which created a negative growth indicator for foreign trade in 2025 due to the base effect.
Specifically, total trade volume fell by 29% compared to January–December 2024. Exports dropped by 36.1%, while imports decreased by 23.6%.
It is important to note that these figures reflect the cumulative results for January–December. Toward the end of the year, some recovery in foreign trade was observed, particularly in exports. However, the question remains whether this recovery reflects genuine growth in Armenian exports or other factors. A parallel study of sectoral data shows that production of basic metals increased significantly during the same period, pointing again to the impact of re-exports. In other words, the late-year recovery in exports was also largely driven by re-exports.
An analysis of foreign trade by country reveals that the overwhelming share is with Russia. Are there signs of diversification in other directions? At first glance, the growth of trade volumes with China or the UAE suggests diversification. However, this comes with a caveat, as the impact of re-exports remains substantial.
Now live
