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