World Bank: UAE largest importer of Armenian goods

YEREVAN, 22 May. /ARKA/. The United Arab Emirates remains the largest importer of Armenian goods, mainly due to gold and jewelry exports, according to the Armenia Monthly Economic Update May 2024, published by the World Bank on Wednesday.

“The top export destination was the UAE, with a 7-fold increase, as it remains the main market for gold and jewelry exports,” the review says.

Exports of goods increased threefold in March 2024, driven by an 8.5-fold increase in exports of precious and semi-precious stones, whose share of total exports rose from 28.5 percent in March 2023 to 80.6 percent in March 2024. 

Exports of footwear, machinery, and agricultural products continued to rise (up by 40.1, 28.8 and 8.5 percent, yoy, respectively), while other exports experienced declines. In particular, there was a sharp decrease in the exports of means of transport (vehicles) and non-precious metals (contracting by 77 and 59 percent, respectively), as per the review.

Imports grew by 56 percent in March (yoy), especially those sourced in Russia, which grew fourfold in March (yoy), driven by imports of precious and semi-precious stones.

The UAE is among the top three nations in terms of foreign trade turnover with Armenia. According to the Armenian National Statistics Committee, in Q1 2024, the trade turnover between Armenia and the UAE amounted to $2.1 billion, increasing by 6.9 times compared to January-March last year. At the same time, the volume of exports exceeded $2 billion with an increase of 7.1 times, and the volume of imports decreased by 12.1% to $121.2 million.