Armenia joins Russia’s top 10 trade partners in 2024

Armenia has secured a spot among Russia’s top ten trade partners for the first ten months of 2024, accounting for 1.8% of Russia’s total foreign trade. 

This places Armenia in 8th position, alongside Germany, the largest economy in the European Union. Italy ranks 9th, while Uzbekistan closes the top ten, Caliber.Az reports, citing Armenia media.

China, India, and Türkiye maintain their positions as Russia’s leading trade partners, holding the top three spots.

The trade turnover between Armenia and Russia has reached an impressive $10.2 billion from January to October 2024, marking a twofold increase compared to the same period in 2023.

In addition to the above, according to Armenian media, in the first ten months of 2024, Russia’s exports to Armenia surged by $5.6 billion to nearly $8.3 billion. Armenian media outlets reported throughout the year sharp rises in shipments of Russian gold and, to a lesser extent, diamonds to Armenia and their subsequent re-exports, possibly after some processing, to third countries. 

Citing the national customs service, the investigative publication Hetq.am said that Armenia imported about 66 tons of gold worth $4.4 billion already in the first half of 2024 and that almost all of it came from Russia.

By Khagan Isayev