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Trade statistics of Armenia

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Although they are geographically very close to each other, but having cultural and historical ‎commonalities alongside the Eurasian Union's trade advantages seems to have helped warm the ‎Armenian-Russia‎n trade

Armenia's most important trading partners in terms of exports are Russia‎, ‎Switzerland, Bulgaria, Iraq, the Netherlands, China ‎‎(4.50%) and Iran

Armenia is known for its mineral resources, particularly Copper and molybdenum. These Metals constitute a significant portion of Armenia's exports. Other mined resources include gold, silver, and zinc. Armenia exports agricultural products such as fruits (apricots, grapes, pomegranates), vegetables, Nuts (especially hazelnuts), Dairy products, and processed Food items. The textile industry in Armenia produces and exports clothing, knitwear, and accessories. Armenia has a growing Jewelry sector, with exports of Gold and Silver jewelry, gemstones, and precious metals.

One of Armenia's main obstacles to expanding trade with the rest of the world is its landlocked access to ‎the sea. This has increased Armenia's need for its neighbors, while its two main neighbors, Turkey and the ‎Republic of Azerbaijan do not have good political relations with Iran's northern neighbor. Although the two ‎countries have trade relations with Armenia, this relationship has always been affected by political ‎conflicts.‎ These issues have created a unique business opportunity for other neighbors and countries close to ‎Armenia. Especially for Eurasian Union countries that have special privileges to trade with each other.‎

Armenia heavily relies on energy imports, including natural gas and Petroleum products, to meet its energy needs. Armenia imports machinery, equipment, and vehicles for industrial purposes, infrastructure development, and transportation. Armenia imports Chemicals for various purposes, including manufacturing, agriculture, and pharmaceuticals. Despite being an agricultural country, Armenia imports certain food products to supplement domestic production and meet consumer demand.

The combination of these factors has made Russia‎ one of Armenia's most important trading partners. ‎Although Iran has a significant share in trade with this country, it is significantly different from Russia‎.‎ It also exports a significant amount of goods to Iran. In the following, we will get acquainted with the main ‎partners of Armenia in the discussion of export and import.‎ Russia‎ is the main trading partner with 26.93%. This is while the two countries do not have a common ‎border. Although they are geographically very close to each other, but having cultural and historical ‎commonalities alongside the Eurasian Union's trade advantages seems to have helped warm the ‎Armenian-Russia‎n trade.‎

Russia is Armenia's largest trading partner, with significant imports and exports between the two countries. Armenia benefits from preferential trade agreements within the framework of the Eurasian Economic Union (EAEU), of which both countries are members. Armenia has trade relations with EU member states. The EU is an important export destination for Armenian products. Armenia shares a border with Iran, facilitating trade between the two countries. Iran is a significant trading partner for Armenia, particularly in terms of energy imports and exports of agricultural and manufactured goods. The United States is an important trading partner for Armenia, especially regarding technology, machinery, and textiles.

The latest data from the World Trade Organization (WTO) in 2018, which shows the largest volume of ‎Armenian exports to different countries.‎ In addition to Russia‎, Armenia's most important trading partners in terms of exports are Switzerland ‎‎(14.16%), Bulgaria (9.10%), Iraq (6.32%), the Netherlands (5.55%), China (4.50%) and Iran‎‏ ‏‎(3.95%), ‎respectively‏.‏ Some of these countries, including Russia‎ and China, also play a significant role in exports to Armenia, ‎which indicates their trade relations with each other.‎ Armenia engages in international trade to import goods it lacks domestically and export its products to generate revenue.  Armenia has traditionally experienced a trade deficit, meaning its imports exceed its exports. This trade imbalance necessitates the reliance on remittances, foreign aid, and investment to bridge the gap.

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