In 2017, RA gross commodity turnover grew by approximately 26.86% to form 6.4 billion USD. Exports have grown by 25.2%, crossing the threshold of 2 billion USD for the very first time. And imports have grown by 27.8%, making up almost 4.2 billion USD.
Structure of exports
No significant changes have been recorded in the commodity structure of exports. Mining products lead the list, making up about 31% (or $692 million) of total exports. They are followed by “finished food products” commodity group with a volume of $531 million, making up 23.75 of total exports. Next comes “precious and semi-precious stones, precious metals, and articles made of them” commodity group with a volume of $290 million, and “non-precious metals and articles made of them” commodity group with a volume of $277 million. “Textile products”, “live animals and animal products”, “vegetable products”, “machinery, equipment, and mechanisms”, and other commodity groups are also prevalent.
Directions of exports
Regarding the geographical structure of exports, the EAEU and EU are the leaders. As of January-December 2017, the EAEU countries had the 24.75% share in exports from Armenia (almost completely to Russia). Moreover, exports from Armenia to EAEU countries have grown approximately by 41% compared to 2016.
In the structure of exports to the EAEU, light industry products and food dominate, as well as other finished products. Thus, “alcoholic drinks” account for 34% of exports to the EAEU, as well as “lamps, bulbs, parts” are also exported in large quantities (about 7.4%), “fresh or frozen fish”, “fresh or frozen tomatoes”, “cheese and curd”, “men’s suits and similar clothes”, “sweaters, pullovers and similar knitted products”, “cut flowers and buds”.
Regarding the EU, it continues to remain one of Armenia’s main trade partners. 28.6% of RA exports were directed to the EU (with this indicator the EU even exceeds the EAEU). Moreover, the vast majority of exports to the EU are directed to Bulgaria, Germany, Netherlands, Belgium, and Italy. Exports to the EU increased by 32.2% in 2016.
In contrast to the EAEU, mining products prevail in the export structure to the EU. A little different is the situation with Italy. Mainly light industry products are exported to this country, particularly, “coats, jackets, menswear, and womenswear” commodity group is dominant.
In addition to the aforementioned commodity groups, a number of other countries have a significant role in the export structure of Armenia, in particular, Switzerland (12% of total exports), Georgia (6,9%), China (5,5%), Iraq (5,4%), UAE (4,6%), and Iran (3,8%).
As mentioned above, Switzerland is one of Armenia’s leading export partners. “Ore and copper concentrate”, “watch corpus and spare parts” are mainly exported to this country. The structure of exports to Georgia is more diverse. Copper, electricity, tobacco, glass containers, and a number of other commodity types are exported to this country. Almost all exports to China are represented by the “ore and copper concentrate” commodity group. Tobacco is dominant in the export structure to the UAE. Cattle are also exported to that country. The large part of electricity exports is directed to Iran, where we also export sheep and goat meat, household items.
“Union of Informed Citizens”