Armenia Trade, Exports and Imports

In the early 1990s, Armenia suffered from steep decline in productivity following breakup from the Soviet Union. However, the economy rebounded in the mid 1990s owing to their strategic fiscal policy and liberalization efforts. To foster Armenia trade, the government set out the path for gradual conversion from socialist to market-oriented economy. The small and medium enterprise section was opened to private and foreign investment. Following the WTO accession in the early 2000s, the country has put in place an international trade-friendly policy.[br]

In the early 1990s, Armenia suffered from steep decline in productivity following breakup from the Soviet Union. However, the economy rebounded in the mid 1990s owing to their strategic fiscal policy and liberalization efforts. To foster Armenia trade, the government set out the path for gradual conversion from socialist to market-oriented economy. The small and medium enterprise section was opened to private and foreign investment. Following the WTO accession in the early 2000s, the country has put in place an international trade-friendly policy.[br]

 

In 2000, Armenia government shifted its focus to developing favorable environment for trade by leveraging exports and fostering private sector investment. As per 2007 statistics, Armenia ranks 39^th out of 178 countries, on Doing Business index. 

 

Armenia Trade: Exports

Armenia trade is highly dependent on multilateral agreements with Soviet Union’s Commonwealth of Independent States (CIS). It has free trade agreements with Russia, Kyrgyz, Georgia, Turkmenistan, Moldova, Ukraine, Tajikistan, Belarus, and Kazakhstan. Besides, EU also has significant share in Armenia trade figures.

 

Major export items for Armenia are pig iron, nonferrous metals, unwrought copper, diamonds, mineral products and foodstuff. As per WTO statistics, the country ranks 145 in terms of merchandising export and 123 in the export of commercial services.