The following export product groups represent the highest dollar value in Armenian global shipments during 2020 at the 2-digit Harmonized Tariff System (HTS) code level. Also shown is the percentage share each export category represents in terms of overall exports from Armenia.

1. Ores, slag, ash: US$746.8 million (29.6% of total exports)
2. Gems, precious metals: $365.5 million (14.5%)
3. Tobacco, manufactured substitutes: $254.6 million (10.1%)
4. Beverages, spirits, vinegar: $239.7 million (9.5%)
5. Aluminum: $104.7 million (4.2%)
6. Iron, steel: $104.6 million (4.2%)
7. Clothing, accessories (not knit or crochet): $93.6 million (3.7%)
8. Mineral fuels including oil: $74.3 million (2.9%)
9. Fruits, nuts: $57.3 million (2.3%)
10. Fish: $49.7 million (2%)

Armenia’s top 10 exports accounted for 83% of the overall value of its global shipments.

Fish was the fastest grower among the top 10 export categories for Armenia, up by 84.7% from 2019 to 2020.

In second place for improving export sales was the fruits and nuts category via a 78.9% gain.

Armenia’s shipments of ores, slag and ash posted the third-fastest gain in value up by 12.3%.

The leading decliner among Armenia’s top 10 export categories were iron and steel as materials, thanks to a -30.1% drop year over year.

From the more granular four-digit Harmonized Tariff System code level, copper ores and concentrates represent Armenia ’s most valuable exported product at 24.5% of the country’s total. In second place was gold (10.2%) trailed by cigars, cigarellos and cigarettes (9.5%), alcoholic spirits and liqueurs (8%), molybdenum ores or concentrates (4.1%), iron ferroalloys (3.9%), thin aluminum foil (3.8%), electrical energy (2.8%), unmounted and unset diamonds (2.6%) then fresh whole fish (1.9%).

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 represent 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$743.9 million (Up by 12.2% since 2019)
2. Gems, precious metals: $216.1 million (Up by 88%)
3. Beverages, spirits, vinegar: $206.2 million (Down by -13.2%)
4. Tobacco, manufactured substitutes: $128.7 million (Down by -8.7%)
5. Fish: $46.3 million (Up by 109%)
6. Clothing, accessories (not knit or crochet): $34.3 million (Down by -37.2%)
7. Clocks, watches including parts: $30.7 million (Up by 5.7%)
8. Vegetables: $24.1 million (Up by 22.2%)
9. Vegetable/fruit/nut preparations: $10.3 million (Up by 135.7%)
10. Live animals: $10.1 million (Up by 1,060%)

Armenia has highly positive net exports in the international trade of ores or concentrates notably those for copper, zinc, molybdenum and precious metals. In turn, these cashflows indicate Armenia’s strong competitive advantages under the ores, slag and ash product category.

Armenia incurred an overall -$2.02 billion trade deficit for 2020, down by -17.5% from -$2.45 billion in red ink one year earlier.

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$643.2 million (Down by -7.7% since 2019)
2. Machinery including computers: -$504.5 million (Up by 9.2%)
3. Electrical machinery, equipment: -$323.9 million (Down by -8.8%)
4. Vehicles: -$152.6 million (Down by -43.5%)
5. Pharmaceuticals: -$142.6 million (Down by -23.6%)
6. Plastics, plastic articles: -$121.3 million (Down by -10.6%)
7. Articles of iron or steel: -$101 million (Up by 12.6%)
8. Cereals: -$96.6 million (Up by 31.3%)
9. Optical, technical, medical apparatus: -$84.7 million (Up by 55.3%)
10. Paper, paper items: -$79.7 million (Down by -11.4%)

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

Armenian Export Companies

Not one Armenian corporation ranks among Forbes Global 2000.

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)