Economy Minister Gevorg Papoyan attributes lower trade turnover to fewer Russian-gold transactions, distinguishing those flows from growing exports of goods made in Armenia.
Armenia’s Economy Minister Gevorg Papoyan said that exports of Armenian-origin goods to the United Arab Emirates (UAE) had increased by 48%. He used that market to explain how trade could shrink when fewer foreign goods pass through Armenia for onward sale, even as exports of locally made goods grow, in remarks published on October 28 by Armenpress.
Papoyan was answering Narek Karapetyan, leader of the opposition Strong Armenia faction, during parliamentary debates. Karapetyan cited an 8% fall in exports and a 9.5% rise in imports, and said Armenia had not experienced such an increase in its trade deficit in 36 years.
The export and import changes match preliminary Statistical Committee of Armenia figures dated October 26 for January–September 2026, compared with the same period of 2025. Imports exceeded exports by $4.63 billion—the trade deficit. Total foreign trade turnover, the combined value of exports and imports, increased by 2.7%.
| Measure | Value | Change |
|---|---|---|
| Exports | $5.16 billion | −8% |
| Imports |
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| +9.5% |
| Total foreign trade | $14.95 billion | +2.7% |
| Trade deficit | $4.63 billion | — |
Papoyan said Russian gold entering Armenia and then leaving had previously inflated trade turnover. In his UAE example, lower turnover reflected the absence of those transactions this year. He said the reduction had caused no negative effect on Armenia’s economy and described growth in Armenian-made exports as a positive outcome.
The 48% figure in the statement published on October 28 has no specified period, comparison base, export value or accompanying data table. In an earlier statement published on September 24 by InfoPort, Papoyan had cited 48% growth in Armenian-origin exports to the UAE for January–August 2026.
On October 21, Papoyan gave a separate January–September figure: Armenian-origin exports to the UAE had grown about 30% to roughly $130 million, excluding re-exports, Sputnik Armenia said. In that discussion, he attributed the larger trade turnover recorded in 2024 to gold re-exports.
In the October 21 remarks, Papoyan said Armenia’s government would subsidize 50% of aviation-kerosene costs for exporting goods to the UAE. He described difficulties with overland transport; air freight remained expensive because Armenia lacked regular cargo flights to the Emirates.
Papoyan said he hoped the support would lower freight prices and make cargo capacity more predictable for exporters. If the subsidy were provided, he said, cargo flights could begin in the coming months.
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