This article sets out the trade figures between India and Armenia, the main goods traded, investment and the business events and agreements that link companies in the two countries. All figures and details come from the Ministry of External Affairs (MEA) bilateral brief of June 2026.

Trade figures

According to the MEA brief of June 2026, which cites DGCIS and DGFT data, bilateral trade in recent years has been as follows (in USD million):

  • 2018-2019: India's exports 25.9, India's imports 0.91, total 26.81
  • 2019-2020: India's exports 40.49, India's imports 1.56, total 42.05
  • 2020-2021: India's exports 69.8, India's imports 96.46, total 166.26
  • 2021-2022: India's exports 27.4, India's imports 134.8, total 162.2
  • 2022-2023: India's exports 61.3, India's imports 72.8, total 134.1
  • 2023-24: India's exports 95.29, India's imports 36.09, total 131.38
  • 2024-25: India's exports 264.51, India's imports 50.67, total 315.18
  • 2025-26: India's exports 305.51, India's imports 102.26, total 407.76

The brief states that bilateral trade has significantly increased from 2023-24 to 2025-26. It also states that the lack of direct air connectivity, and Armenia being a landlocked country, has kept trade figures low.

Main goods traded

The brief lists India's major export items to Armenia, in terms of value, as:

  • diamonds or semi-precious stones, natural and cultured pearls;
  • electrical apparatus for line telephony;
  • bovine meat;
  • tobacco and manufactured tobacco substitutes;
  • pharmaceutical products.

India's major import items from Armenia, in terms of value, are gold, unwrought lead, medical, surgical and dental instruments, precious and semi-precious stones, and optical fibre cables.

Investment

Indian investments in Armenia are estimated to be between USD 50-100 million.

On 28 June 2021, the Investment Support Centre of the Republic of Armenia and Invest India signed an MoU with the aim of strengthening business relations and developing reciprocal cooperation. Its objective is to provide business solutions for stakeholders on both sides, promote the investment climate in Armenia and India, and establish a practical framework for stronger business relations.

Trade delegations and fairs

The Pharmaceutical Export Promotion Council (Pharmexcil) brought an 18-member delegation to Armenia in November 2019 to explore the pharma market. A business delegation led by the Indian Economic Trade Organization (IETO) also visited in November 2019 and signed 4 agreements with Armenian counterparts in diverse fields.

The Federation of Indian Exporters Organization (FIEO) organised an India Pavilion at the 20th Edition of Armenia Expo from 16-18 September 2021. Around 23 Indian companies took part, representing sectors such as ceramics, food and beverages, handlooms and handicrafts, textiles and apparel, and industrial equipment. The Indian Chamber of Commerce (ICC) and IETO led business delegations to Armenia in April and May 2023 respectively.

Business forums and sector events

The brief records a series of business events in Armenia:

  • a business forum held in hybrid format on 14 March 2024, jointly organised by the Embassy and the Armenian Chapter of the International Chamber of Commerce (ICC), with a panel discussion on technology, trade and tourism;
  • a webinar on "Collaborative Opportunities in Pharma Sector" on 17 May 2024, organised with Pharmexcil, with the Armenian side led by the First Deputy Minister of Health, Dr. Lena Nanushyan, who also led the Armenian delegation to iPHEX 2024 (International Exhibition for Pharma and Healthcare) from 28-30 August 2024;
  • a Business Forum on 07 March 2025, held in hybrid format with Pharmexcil on the occasion of the signing of an MoU between CDSCO and CDMTE on Cooperation in the field of Medical Product Regulation, at which more than 200 Indian and Armenian pharma companies took part in the B2B event;
  • a business networking event organised by the International Chamber of Commerce Armenia on 21 May 2025 for a visiting Indian business delegation led by Bharat Freight;
  • participation in the ArmProd 2025 Exhibition in Yerevan from 12-13 December 2025, with a Coffee Tasting event to promote Indian coffee in Armenia;
  • a Business Forum on the Gems and Jewellery sector, held in hybrid format on 20 March 2026 with the Gems & Jewellery Export Promotion Council of India (GJEPC) and the participation of the Ministry of Economy of Armenia.

Ministerial contacts on the economy

Armenia's Minister of Economy, Mr. Gevorg Papoyan, attended the 30th CII Partnership Summit in Visakhapatnam, Andhra Pradesh, from 14-15 November 2025. He met the Minister of Commerce and Industry, Shri Piyush Goyal, on its sidelines. The annexure to the brief also lists a visit to India by Minister of Economy Mr. Vahan Kerobyan in January 2024.

Innovation and technology agreements

During the 9th edition of the India International Science Festival (IISF-2023), held from 17-20 January 2024, an MoU was signed between the National Innovation Foundation (NIF), India and the National Centre for Innovation and Entrepreneurship of Armenia (NCIE).

On 19 June 2026, the Indian near-space startup company 'Red Balloon Aerospace' signed an MoU with the Armenian company 'Bazoomq Space Research Laboratory'. The two firms aim to jointly develop high-altitude balloon technologies, near space testing capabilities and AI-enabled payload systems, and to advance stratospheric research and commercial applications using high-altitude balloon platforms.