What the U.S. Buys From Armenia: Then and Now

By Syuzanna Petrosyan

U.S. President Donald Trump announced a large-scale package of tariff hikes that range from 10% to nearly 50%, targeting several Southeast Asian countries. The baseline 10% hike applies to goods from the UK, Brazil, Turkey—and Armenia.

Total trade between the U.S. and Armenia amounted to $410 million last year, representing less than 1.5% of Armenia’s trade.

Historically, U.S. imports from Armenia have been dominated by just two commodities: aluminum and precious metals, particularly diamonds.

Following the collapse of the Soviet Union, the U.S. began importing small amounts of goods from Armenia in the early 1990s. Imports hovered at $1 million per year until 1995, when they momentarily jumped to $16 million—driven almost entirely by a $15 million purchase of mineral fuels.

The spike coincided with the ratification of three key trade and investment agreements, originally signed in 1992: the Agreement on Trade Relations Between the Republic of Armenia and the United States of America; Investment Incentive Agreement between the Government of the Republic of Armenia and the Government of the United States of America; and the Treaty Between the Republic of Armenia and the United States of America Concerning the Reciprocal Encouragement and Protection of Investment.

Sustained growth in imports to Washington was not achieved until 1998. For the ten years between 1998 – 2008, annual imports remained modest, peaking at $47 million per year. Goods included clothing, books, carpets, spirits, aluminum, and various ores, but none became consistent top sellers.

Aluminum collapse, diamond rise

The next major rise came in 2009, when U.S. aluminum imports surged to $62 million, up from $12 million the previous year. The number peaked at $84 million in 2013.

In 2021, 40% of Armenia’s aluminum exports were going to the U.S. But that same year, the U.S. Department of Commerce imposed anti-dumping duties on Armenian aluminum foil, citing sales “at less than fair value” and claims of material injury to the U.S. industry. Imports collapsed to near zero in 2022.

As aluminum sales waned, Armenia’s U.S.-bound exports shifted toward diamond and other precious metals. U.S. imports of these commodities began to rise, bringing the market value from $5 million in 2015 to $37 million in 2021, and up to $82 million in 2024.

Last year, diamonds and other precious metals accounted for 67% of total U.S. imports from Armenia, followed distantly by beverages and spirits at under 10%. This means that Armenia’s trade exposure in the U.S. is becoming increasingly tied to a single sector.

The newly imposed tariffs are expected to further weaken the competitiveness of Armenian goods in the U.S. market, adding pressure to the already narrow export base.

Data for this article came from the Trade Data Monitor.