Armenia’s Top 10 Exports

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Located in western Asia, the Republic Armenia shipped US$1.8 billion worth of goods around the globe in 2016. That dollar amount represents a 159.6% increase since 2009 when the Great Recession kicked in and a 19.8% boost from 2015 to 2016.

Armenia’s top 10 exports accounted for 84.7% of the overall value of its global shipments.

Based on statistics from the International Monetary Fund’s World Economic Outlook Database, Armenia’s total Gross Domestic Product amounted to $26.6 billion in 2016 (on a purchasing power parity basis). Therefore, exports accounted for about 6.7% of total Armenian economic output.

From a continental perspective, 53.3% of Armenian exports by value were delivered to Armenian countries while 35.6% were sold to Armenian importers. Armenia shipped another 10% worth of goods to North America compared to a mere 0.1% sent to Africa.

Given Armenia’s population of 3.1 million people, its total $1.8 billion in 2016 exports translates to roughly $600 for every resident in that country.

Armenia’s unemployment rate was 17.4% as of December 2016 according to the Central Intelligence Agency’s World Factbook.

Armenia’s Top 10 Exports

Top 10

The following export product groups represent the highest dollar value in Armenian global shipments during 2016. Also shown is the percentage share each export category represents in terms of overall exports from Armenia. Copper ores and concentrates are Armenia’s number one export.

  1. Ores, slag, ash: US$400.5 million (22.6% of total exports)
  2. Gems, precious metals: $336.8 million (19%)
  3. Tobacco, manufactured substitutes: $210.6 million (11.9%)
  4. Beverages, spirits, vinegar: $176.9 million (10%)
  5. Aluminum: $84.9 million (4.8%)
  6. Clothing, accessories (not knit or crochet): $74 million (4.2%)
  7. Copper: $65.4 million (3.7%)
  8. Mineral fuels including oil: $65.4 million (3.7%)
  9. Iron, steel: $60.9 million (3.4%)
  10. Vegetables: $28 million (1.6%)

Vegetables were the fastest-growing among Armenia’s top 10 export categories, up by 5,589% for the 7-year period starting in 2009. Leading the robust international sales growth were exported tomatoes.

In second place for improving export sales was tobacco and manufactured substitutes up by 2,354%.

Unknit and non-crocheted clothing and accessories posted the third-fastest gain in value up by 1,278%.

Accelerating 947%, mineral fuels-related exports including oil also generated an impressive uptick led by improved revenues for electrical energy and petroleum gases.

The only declining category among the top 10 Armenian exports was iron and steel which was down by -34.8%.

Advantages

The following types of Armenian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.

In a nutshell, net exports is the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

  1. Ores, slag, ash: US$400.1 million (Up by 248.2% since 2009)
  2. Gems, precious metals: $175.4 million (Down by -6,613%)
  3. Beverages, spirits, vinegar: $115.7 million (Up by 203.3%)
  4. Tobacco, manufactured substitutes: $109.2 million (Down by -291.5%)
  5. Copper: $62.5 million (Down by -0.5%)
  6. Vegetables: $19 million (Down by -357.6%)
  7. Clothing, accessories (not knit or crochet): $16.1 million (Down by -164.6%)
  8. Clocks , watches including parts: $14.3 million (Up by 6,102%)
  9. Aluminum: $13.5 million (Down by -122.8%)
  10. Fish: $7.6 million (Down by -651.3%)

Armenia has highly positive net exports in the international trade of copper and, to a lesser extent, precious-metal and zinc ores and concentrates. In turn, these cashflows indicate Armenia’s strong competitive advantages under the ores, slag and ash product category.

Opportunities

Overall, Armenia incurred a -$1.5 billion trade deficit for 2016.
Below are exports from Armenia that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Armenia’s goods trail Armenian importer spending on foreign products.

  1. Mineral fuels including oil: -US$510.8 million (Up by 5.3% since 2009)
  2. Machinery including computers: -$242 million (Down by -26.8%)
  3. Electrical machinery, equipment: -$206.7 million (Down by -26.6%)
  4. Pharmaceuticals: -$101.7 million (Up by 15.1%)
  5. Vehicles : -$91.2 million (Down by -2.5%)
  6. Plastics, plastic articles: -$82.1 million (Down by -12.8%)
  7. Cereals: -$71.2 million (Down by -34.9%)
  8. Articles of iron or steel: -$61.5 million (Down by -51.2%)
  9. Paper, paper items: -$59.1 million (Up by 0.3%)
  10. Optical, technical, medical apparatus: -$48.7 million (Up by 5.3%)

Armenia has highly negative net exports and therefore deep international trade deficits for petroleum gases and refined oils under the mineral fuels including oil category.

Companies

Armenian Export Companies

Not one Armenian corporation ranks among Forbes Global 2000 for 2016.

Wikipedia lists export-related companies from Armenia. Selected examples are shown below:

  • Ararat Cement (construction materials)
  • Avshar Wine Factory (winery)
  • Jermuk Mineral Water Factory (mineral water)
  • Kotayk Brewery (alcoholic beverages)
  • Multi Group Stone (stone works)
  • Ucom (telecommunications)
  • Yerevan Brandy Company (alcoholic beverages)
  • Yerevan Computer Research and Development Institute (technology)
  • Yerevan Confectionery and Macaroni Factory (food)
  • Zangezur Copper and Molybdenum (metals)


 
Armenia’s capital city is Yerevan.

Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.

See also Georgia’s Top Trading Partners, Turkey’s Top Trading Partners and Capital Facts for Yerevan, Armenia

Research Sources:
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 8, 2017

The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on April 8, 2017

Trade Map, International Trade Centre. Accessed on April 8, 2017

Investopedia, Net Exports Definition. Accessed on April 8, 2017

Wikipedia, List of Companies of Armenia. Accessed on April 8, 2017

Forbes 2016 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 8, 2017