Sharp Decline in Gold Re-Exports Impacts Armenia’s Trade Balance – World Bank

In November 2024, Armenia’s foreign trade turnover showed a significant decrease, with exports dropping by 35% and imports by 21.4% year-on-year. This decline was largely attributed to a sharp reduction in re-export operations involving precious metals.

According to the World Bank’s monthly economic review, the most substantial decline was observed in the export (-64.6%) and import (-70.6%) of precious and semi-precious stones.

Exports (-54%) and imports (-35%) of vehicles also plummeted, following Georgia’s ban on re-exporting cars to Russia. Excluding re-export operations, exports grew by 32% year-on-year.

The budget deficit narrowed to $51.9 million in November, down from $347.1 million in October.

Tax revenues increased by 11.1% year-on-year, driven by higher VAT collections (+15.7%) and personal income tax (+15%), while corporate income tax revenues fell by 32%.

Overall spending decreased by 0.8%, primarily due to a 45.2% reduction in defense expenditures, partially offset by a 35% increase in social protection spending.

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