Armenia's trade turnover with Russia dropped by approximately $567 million during the first five months of 2026, reflecting a sharp decline in the re-export of precious metals and gemstones.

Bilateral trade fell from $2.763 billion in January-May 2025 to $2.196 billion over the same period this year, The Caspian Post reports via Sputnik Armenia.

While detailed trade data for the first five months has not yet been released, preliminary figures from Armenia's State Revenue Committee for the first quarter indicate that the decline was driven primarily by lower re-exports of precious metals and precious stones. The sector, which reached record highs in 2023 and 2024, has since begun to contract.

During the first quarter of 2026, Armenia's imports of precious metals and gemstones dropped from approximately $377 million to $136 million, a decrease of $241 million. Re-exports of these goods to the United Arab Emirates fell even more sharply, plunging by $305 million from $346 million to just $41 million, as the supply chain involves not only Russia but several other countries.

Excluding precious metals and gemstones, Armenia's imports from Russia remained relatively stable. In the first quarter, imports declined by only $12.5 million, slipping from around $548 million to $536 million, suggesting that trade in most other goods has held up.

Among key Russian imports, Armenia increased purchases of wheat, with imports rising from $16 million to $20 million, while natural gas imports climbed from $158 million to $182 million. At the same time, imports of petroleum products fell significantly, dropping from about $58 million to $20 million, while imports of aluminum used for foil production edged down from roughly $14 million to $12 million.

Armenian exports to Russia showed growth across several major categories. Exports of Armenian brandy increased from $49 million to $67 million, while shipments of fresh fruits and vegetables rose from $21 million to $24 million. Exports of clothing and footwear also expanded, climbing from approximately $47 million to $54 million during the first quarter of 2026.