Armenia needs to work on improving the quality of the country's export goods to diversify its economy. This was stated by the Deputy Chairman of the Armenian Parliament's Committee on Economic Affairs, Babken Tunyan, in an interview with the Public Television of Armenia on April 17.
He noted that Armenia should focus on economic diversification, as most of the goods exported face quality issues.
Tunyan emphasized that although these goods are successfully sold in the Eurasian market, they may face inspection at any moment, which could lead to their import ban into the territory of other Eurasian Economic Union countries.
The deputy expressed concern that Armenia itself has provided such a lever that could be used against it. He stressed that economic diversification would help raise the quality of products to a new level, freeing the country from dependence on other participants in the Eurasian market.
BMG reported that Russia retains leadership in Armenia's foreign trade turnover, with a volume exceeding $7.3 billion in 2023. In January-February of the current year, trade turnover with Russia increased by 2.2 times, equivalent to $2.1 billion.
The United Arab Emirates ranks second in Armenia's list of foreign trade partners, with trade turnover in January-February compared to the same period last year increasing by 716%, reaching $1.2 billion. China ranks third in terms of trade volume with Armenia at $491 million. Trade with this country in the first two months of 2024 increased by 84.5%.
The European Union, which was Armenia's largest trading partner for years, ranked fourth on the list in January 2024 with a volume slightly above $322 million.
