During discussions on Armenia’s 2024 state budget execution in the National Assembly, Minister of Economy Gevorg Papoyan reported that in 2024, gold re-exports accounted for nearly 50% of the country’s total exports.

Responding to a question from Armenia bloc MP Tadevos Avetisyan, Papoyan clarified that total exports in 2023 stood at $8.5 billion, or $6.8 billion excluding gold. In 2024, exports rose to $13.1 billion, but only $7.5 billion without gold. This indicates a growth from $6.8 billion to $7.5 billion in non-gold exports, according to Sputnik Armenia.

Gold also had a major presence in imports, as it was brought into the country in large quantities, subjected to basic processing, and then re-exported. Last year, Armenia imported around $17 billion worth of goods and exported approximately $11.1 billion.

The minister emphasized that since early 2025, this re-export mechanism has practically ceased. However, just as its previous surge didn’t lead to meaningful economic growth, its decline hasn’t affected employment or production volumes either.

He noted that gold processing had significantly influenced industrial output data, being included in those figures. As a result, a spike was recorded in 2024, followed by a visible decline this year.