WB: Armenia's trade deficit widened to 10% of estimated annual GDP in 7 months
14.09.2026,
19:15
From January to July, Armenia's exports fell by 7.9%, while imports grew by 7.7% (both year-on-year), pushing the trade deficit up to 10% of estimated annual GDP, partially offset by services and income accounts.
YEREVAN, September 14. /ARKA/. From January to July, Armenia's exports fell by 7.9%, while imports grew by 7.7% (both year-on-year), pushing the trade deficit up to 10% of estimated annual GDP, partially offset by services and income accounts. This is according to the World Bank's Armenia "Monthly Economic Update – September 2026."
The study notes that in July, exports fell by 15.7% year-on-year, while imports grew by 21.5% year-on-year.
"The decline in exports was driven by a 66.2% year-on-year decline in precious and semi-precious stone exports; "Excluding this re-export item, exports grew by 6.8% year-on-year, primarily due to mineral products (up 59.1% from a low base)," the report states.
WB analysts emphasize that agricultural exports declined sharply—plant products by 52.2% and agricultural products by 15.2% (both year-on-year)—as Russia tightened import restrictions on Armenian agricultural products starting in April 2026, banning quarantine products (approximately 130 EAEU goods, including fresh produce and flowers) from June 12 and fish products from June 26.
The increase in imports was driven by a doubling of machinery and equipment imports and a 61.2% year-on-year increase in mineral product imports.
According to Armstat, Armenia's foreign trade turnover for January-July increased by 1.7%, exceeding $11.53 billion. Exports during the reporting period decreased by 7.9%, amounting to $4.04 billion, while imports increased by 7.7%, reaching $7.5 billion.
The study notes that in July, exports fell by 15.7% year-on-year, while imports grew by 21.5% year-on-year.
"The decline in exports was driven by a 66.2% year-on-year decline in precious and semi-precious stone exports; "Excluding this re-export item, exports grew by 6.8% year-on-year, primarily due to mineral products (up 59.1% from a low base)," the report states.
WB analysts emphasize that agricultural exports declined sharply—plant products by 52.2% and agricultural products by 15.2% (both year-on-year)—as Russia tightened import restrictions on Armenian agricultural products starting in April 2026, banning quarantine products (approximately 130 EAEU goods, including fresh produce and flowers) from June 12 and fish products from June 26.
The increase in imports was driven by a doubling of machinery and equipment imports and a 61.2% year-on-year increase in mineral product imports.
According to Armstat, Armenia's foreign trade turnover for January-July increased by 1.7%, exceeding $11.53 billion. Exports during the reporting period decreased by 7.9%, amounting to $4.04 billion, while imports increased by 7.7%, reaching $7.5 billion.
