Mon Apr 28 16:00:00 UTC 2025: **Armenia’s Trade Deficit with Turkey Widens Despite Lifted Import Ban**
YEREVAN, Armenia – Despite a significant increase in imports following the lifting of a 2021 ban, Armenia’s trade imbalance with Turkey remains drastically skewed. New data from the Statistical Committee of Armenia (SCRA) reveals that Armenia imported $336 million worth of goods from Turkey in 2024, while exports plummeted to a mere $0.4 million. This represents a substantial trade deficit and a sharp decline in Armenian exports compared to the $6.4 million recorded in 2023.
The ban, implemented in response to Turkey’s perceived involvement in the 2020 Artsakh conflict, initially targeted finished goods but was effectively lifted in 2021. While the ban initially reduced imports to $73 million, the subsequent years have seen a dramatic resurgence in Turkish goods entering the Armenian market, reaching the highest levels in the last decade. Top imports from Turkey include yarn, petroleum products, aluminum, knitted fabrics, detergents, and women’s clothing.
Conversely, Armenian exports to Turkey remain exceptionally low, largely attributed to alleged artificial barriers imposed by the Turkish government. The only notable exception was in 2022, when exports reached $61 million, largely due to gold exports. This spike was not sustained.
While the potential opening of the Armenian-Turkish border is a topic of ongoing debate, the current trade figures highlight a significant asymmetry. Armenia’s dependence on Turkish imports is evident, while the Turkish market shows little demand for Armenian goods. The data also reveals significant financial transfers from Armenia to Turkey, primarily for commercial purposes, totaling $11 million in 2024, though this pales in comparison to remittances to other countries like Russia and the US. The figures raise questions about the economic viability of a fully open border for Armenia.
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