Armenia flag Armenia: Economic and Political Overview

Foreign trade figures of Armenia

Foreign Trade in Figures

Foreign trade in Armenia represents 70.1% of GDP (World Bank, latest data available). The country follows an open and liberal policy in regard to international commerce. Overall, minerals represent more than half of total exports. Main export commodities include copper ores, gold, cigars, and alcohol. Armenia mainly imports petroleum gases and oils, medicaments, radio-telephony transmission tools, and diamonds.

Armenia's main export partners are Russia (26.2%), Switzerland (18.1%), China (11.5%), Iraq (6.5%) and Bulgaria (6%). The Russian Federation is also the main import partner (32.7%), followed by China (14.5%), Iran (6.9%), Belgium (5.2%) and Turkey (5%). The country has been searching for new energy sources, especially after the Russian-Georgian conflict, which temporarily disrupted its hydrocarbon supply and revealed the country's energy vulnerabilities. Tensions remain with a couple of its neighbouring countries, such as Azerbaijan and Turkey, and have an impact on trade. Armenia's closeness with Russia and its adhesion to the Eurasian Economic Union limit the country's ability to further integrate with the EU (that considered as a whole is the country’s main export destination).

The country has a structural trade deficit, which was estimated at 9.9% of GDP in 2020 (World Bank). According to figures by WTO, in 2020, Armenia exported goods with a total value of USD 2.5 billion (-3.6% year-on-year), while it imported goods with a total value of USD 4.5 billion (recording a contraction of 17.3%). With regards to services, the country exported USD 1 billion worth of services in 2018, while it imported USD 947 million (-55% and -60.7% vis-à-vis one year earlier, respectively). According to the latest figures by the National Statistics Committee (NSC), exports from Armenia in 2021 grew by 19.1% to USD 3.022.4 billion (driven by the good performance of gold and copper ores), with imports growing at a slower pace (+16.9% - at USD 5,356.8 billion).

 
Foreign Trade Values 20172018201920202021
Imports of Goods (million USD) 4,1894,9635,5144,5595,357
Exports of Goods (million USD) 2,2452,4122,6402,5443,023
Imports of Services (million USD) 1,9212,1252,4149471,258
Exports of Services (million USD) 1,8802,1742,3851,0761,681

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20162017201820192020
Foreign Trade (in % of GDP) 76.187.292.595.770.1
Trade Balance (million USD) -977-1,401-1,759-1,805-1,327
Trade Balance (Including Service) (million USD) -906-1,241-1,702-1,829-1,180
Imports of Goods and Services (Annual % Change) 6.324.613.312.0-32.1
Exports of Goods and Services (Annual % Change) 21.319.35.016.0-31.4
Imports of Goods and Services (in % of GDP) 42.349.053.154.539.3
Exports of Goods and Services (in % of GDP) 33.738.239.441.230.7

Source: World Bank ; Latest available data

Foreign Trade Forecasts 2022 (e)2023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 27.6-0.15.15.85.5
Volume of imports of goods and services (Annual % change) 18.9-2.74.45.45.3

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Among others, Armenia is member of the Commonwealth of Independent States (CIS), of the Conference on Security and Cooperation in Europe (CSCE), of the World Bank etc.  
 

Main Partner Countries

Main Customers
(% of Exports)
2021
Russia 26.8%
China 13.3%
Switzerland 12.1%
Bulgaria 6.7%
Netherlands 6.4%
See More Countries 34.7%
Main Suppliers
(% of Imports)
2021
Russia 33.5%
China 16.2%
Iran 8.2%
Italy 4.2%
Germany 3.9%
See More Countries 33.9%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

3.0 bn USD of products exported in 2021
Copper ores and concentratesCopper ores and concentrates 25.9%
Undenatured ethyl alcohol of an alcoholic strength...Undenatured ethyl alcohol of an alcoholic strength of < 80%; spirits, liqueurs and other spirituous beverages (excl. compound alcoholic preparations of a kind used for the manufacture of beverages) 8.3%
Cigars, cheroots, cigarillos and cigarettes of...Cigars, cheroots, cigarillos and cigarettes of tobacco or of tobacco substitutes 8.1%
Ferro-alloysFerro-alloys 6.4%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 4.5%
See More Products 46.8%
5.3 bn USD of products imported in 2021
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 9.2%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 7.0%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.6%
Diamonds, whether or not worked, but not mounted...Diamonds, whether or not worked, but not mounted or set (excl. unmounted stones for pick-up styluses, worked stones, suitable for use as parts of meters, measuring instruments or other articles of chapter 90) 2.3%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.0%
See More Products 76.9%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

2.1 bn USD of services exported in 2018
58.67%
12.43%
10.79%
9.28%
2.23%
2.16%
1.45%
1.36%
0.92%
0.70%
2.2 bn USD of services imported in 2018
63.18%
23.63%
4.80%
2.96%
1.65%
1.33%
0.76%
0.65%
0.63%
0.42%

Source: United Nations Statistics Division, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

Return to top

Any Comment About This Content? Report It to Us.

 

© Export Entreprises SA, All Rights Reserved.
Latest Update: November 2022