That dollar amount results from a 418.5% advance from $2.51 billion earned 5 years earlier in 2020.
Year over year, the total value of Armenian exports accelerated by 55.6% compared to $8.37 billion during 2023.
Based on the average exchange rate for 2024, Armenia’s legal currency is the Armenian dram. The dram depreciated by -91.9% against the US dollar since 2020 and shrunk by -39.3% from 2023 to 2024. The weaker Armenian currency made Armenian exports paid for in stronger US dollars relatively more expensive for international buyers starting from American currency.
Best Armenian Exports Customers
The latest available country-specific data shows that 94.4% of products exported from Armenia was bought by importers in: United Arab Emirates (40.3% of the Armenian total), Russia (23.9%), Hong Kong (13.5%), mainland China (8.4%), Iraq (1.9%), Georgia (1.2%), Netherlands (1%), Belgium (0.92%), Belarus (0.88%), Switzerland (0.86%), Iran (0.83%) and Thailand (0.63%).
From a continental perspective, 30.6% of Armenia’s exports by value was delivered to European countries while 68.8% was sold to importers in Asia. Armenia shipped another 0.5% worth of goods to buyers in North America.
Tinier percentages went to customers based in Latin America (0.04%) excluding Mexico but including the Caribbean, Africa (0.03%) and Oceania’s Australia and New Zealand (0.003%).
Given Armenia’s population of 2.964 million people, its total $13 billion in 2024 exports translates to roughly $4,400 for every resident in the Western Asian country. That dollar metric eclipses the average $2,800 per capita one year earlier during 2023.
Armenia’s Top 10 Exports
The following export product groups represent the highest dollar value in Armenian global shipments during 2024 at the 2-digit Harmonized Tariff System (HTS) code level. Also shown is the percentage share each export category represents in terms of overall exports from Armenia.
- Gems, precious metals: US$8 billion (61.7% of total exports)
- Electrical machinery, equipment: $1.1 billion (8.2%)
- Ores, slag, ash: $923.3 million (7.1%)
- Tobacco, manufactured substitutes: $437.9 million (3.4%)
- Beverages, spirits, vinegar: $390.1 million (3%)
- Machinery including computers: $236 million (1.8%)
- Clothing, accessories (not knit or crochet): $220.8 million (1.7%)
- Iron, steel: $217.4 million (1.7%)
- Optical, technical, medical apparatus: $141.1 million (1.1%)
- Knit or crochet clothing, accessories: $108.1 million (0.8%)
Armenia’s top 10 exports generated 90.5% of the overall value of its global shipments.
Gems and precious metals represent the fastest grower among the top 10 export categories, up by 150.4% from 2023 to 2024. This category was propelled by higher revenues from exports of gold from Armenia.
In second place for improving export sales was tobacco and manufactured substitutes via a 15% advance.
Armenia’s shipments of ores, slag and ash posted the third-fastest gain in value, also up by 15%.
The leading decliner among Armenia’s top 10 export categories were the metals iron and steel, thanks to a -25.3% year-over-year drop.
From the more granular four-digit Harmonized Tariff System code level, unwrought gold was Armenia ’s most valuable exported product at 43% of the country’s total. In second place was jewelry (6.9%) trailed by phone devices including smartphones (5.2%), copper ores and concentrates (4.3%), unwrought silver (4.2%), unmounted diamonds (3.7%), unwrought platinum (3.4%), cigarettes and cigars (3.1%), alcoholic beverages including spirits and liqueurs (2.5%), then television receivers, monitors and projectors (2%).
Products Generating Armenia’s Largest Trade Surpluses
The following types of Armenian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Ores, slag, ash: US$911.4 million (Up by 16.5% since 2023)
- Gems, precious metals: $673.8 million (Down by -26%)
- Tobacco, manufactured substitutes: $297.3 million (Up by 8.7%)
- Beverages, spirits, vinegar: $268.6 million (Down by -7.1%)
- Vegetables: $41.6 million (Up by 133.2%)
- Fish: $39.1 million (Up by 6.1%)
- Live animals: $31.3 million (Up by 4889%)
- Clothing, accessories (not knit or crochet): $26.5 million (Down by -6.2%)
- Live trees, plants, cut flowers: $9.1 million (Reversing a -$2 million deficit)
- Lead: $6.9 million (Up by 41.2%)
Armenia has highly positive net exports in the international trade of ores and concentrates made of copper, molybdenum or precious metal. In turn, these cashflows indicate Armenia’s strong competitive advantages under the ores, slag and ash product category.
Products Causing Armenia’s Largest Trade Deficits
Armenia incurred an overall -US$3.78 billion trade deficit for 2024, expanding by 3.5% from -$3.65 billion in red ink one year earlier for 2023.
Below are exports from Armenia that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Armenia’s goods trail Armenian importer spending on foreign products.
- Mineral fuels including oil: -US$1 billion (Up by 0.4% since 2023)
- Machinery including computers: -$818 million (Up by 11.1%)
- Electrical machinery, equipment: -$522.8 million (Up by 22.6%)
- Vehicles: -$516.6 million (Down by -47.7%)
- Pharmaceuticals: -$208.6 million (Up by 10%)
- Plastics, plastic articles: -$193.3 million (Down by -6%)
- Articles of iron or steel: -$169.1 million (Up by 13.9%)
- Paper, paper items: -$146.3 million (Up by 10.1%)
- Optical, technical, medical apparatus: -$130.2 million (Up by 7.2%)
- Meat: -$121.3 million (Up by 19.4%)
Historically, Armenia endures highly negative net exports and therefore deep international trade deficits for cars and trucks under the vehicles product category.
Armenian Export Companies
Not one Armenian corporation ranks among Forbes Global 2000.
Wikipedia lists export-related companies from Armenia. Selected examples are shown below.
- Ararat Cement (construction materials)
- Avshar Wine Factory (winery)
- Jermuk Mineral Water Factory (mineral water)
- Kotayk Brewery (alcoholic beverages)
- Multi Group Stone (stone works)
- Ucom (telecommunications)
- Yerevan Brandy Company (alcoholic beverages)
- Yerevan Computer Research and Development Institute (technology)
- Yerevan Confectionery and Macaroni Factory (food)
- Zangezur Copper and Molybdenum (metals)
In macroeconomic terms, Armenia’s total exported goods represent 18.8% of its overall Gross Domestic Product for 2024 ($69.3 billion valued in Purchasing Power Parity US dollars). That 18.8% for exports to overall GDP in PPP for 2024 compares to 14.1% one year earlier. Those percentages suggest an increasing reliance on products sold on international markets for Armenia’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Armenia’s unemployment rate averaged 13% for 2024, up from an average 12.6% in 2023 according to Trading Economics statistics.
Armenia’s capital city is Yerevan.
See also Zambia’s Top 10 Exports, Turkey’s Top 10 Exports, Russia’s Top Trading Partners, Switzerland’s Top Trading Partners and Top Asian Countries
Research Sources:
Central Intelligence Agency, Country Profiles, The World Factbook. Accessed on November 5, 2025
EXCHANGE-RATES.org, Exchange Rates (Domestic Currency per U.S. dollar, period average). Accessed on November 5, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on November 5, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on November 5, 2025
International Trade Centre, Trade Map. Accessed on November 5, 2025
Investopedia, Net Exports Definition. Accessed on November 5, 2025
Wikipedia, Gross domestic product. Accessed on November 5, 2025
Wikipedia, Armenia. Accessed on November 5, 2025
Wikipedia, Gross domestic product. Accessed on November 5, 2025
Wikipedia, List of Companies of Armenia. Accessed on November 5, 2025
Wikipedia, Purchasing power parity. Accessed on November 5, 2025