Armenia's Minister of Economy Gevorg Papoyan has announced that the strategy for the development of Armenian exports is nearing completion. According to his statement, only minor adjustments need to be made before the document is presented to parliament for consideration.
Papoyan noted that experts from USAID and the European Union were actively involved in developing the export strategy. Their efforts not only helped identify potential opportunities for Armenian exports but also contributed to expanding the geography of domestic product deliveries.
"Our strategy envisions the possibility of exporting certain goods to the markets of the Middle East, others to China and EU countries, and yet others to Russia and the USA, and so on," explained the minister.
It was previously reported that the Ministry of Economy of Armenia, with the support of American partners, is working on a new export strategy. The main objectives of the strategy include diversifying export markets, expanding the range of exported products, and reducing dependence on goods with a high concentration in the total export volume.
BMG reported that Russia retains leadership in Armenia's foreign trade turnover, with a volume exceeding $7.3 billion in 2023. In January-March of the current year, trade turnover with Russia increased by 2.4 times, amounting to $3.7 billion in monetary terms.
The United Arab Emirates ranked second in Armenia's list of foreign trade partners, with trade turnover in January-March increasing almost 7 times compared to the same period last year, reaching $2.06 billion.
China ranks third in terms of trade volume with Armenia, totaling $878.7 million. Trade with this country increased by 96% in the first three months of 2024. Armenian exports to China sharply increased by 5.9 times to $543 million, while imports decreased by 5.9% to $335 million.
The European Union, which was Armenia's largest trading partner for years, ranked fourth in this list in January 2024. Trade turnover with the EU in January-March of the current year decreased by 27.1% compared to the same period in 2023, amounting to $494 million.
Armenian exports to the EU during the reporting period decreased by 31.6% to $126.7 million. Imports from EU countries decreased by 25.3%.
