About

Overview In 2021, Armenia was the number 133 economy in the world in terms of GDP (current US$), the number 133 in total exports, the number 135 in total imports, the number 121 economy in terms of GDP per capita (current US$) and the number 71 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Armenia are Copper Ore ($844M), Gold ($256M), Hard Liquor ($246M), Ferroalloys ($242M), and Rolled Tobacco ($238M), exporting mostly to Russia ($789M), China ($443M), Switzerland ($364M), India ($249M), and Bulgaria ($199M).

Imports The top imports of Armenia are Petroleum Gas ($430M), Refined Petroleum ($313M), Cars ($124M), Packaged Medicaments ($110M), and Broadcasting Equipment ($90.3M), importing mostly from Russia ($1.82B), China ($696M), Iran ($406M), Georgia ($255M), and Germany ($225M).

Location Armenia borders Azerbaijan, Georgia, Iran, and Turkey by land.

Latest Trends

Latest Trade

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Y-AXIS SCALE

The following section uses the most recent trade data from partners of Armenia.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Latest Data

Flow
Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2021)Copper Ore$844M
Top Destination (2021)Russia$789M

In 2021, Armenia exported a total of $3.36B, making it the number 133 exporter in the world. During the last five reported years the exports of Armenia have changed by $1.17B from $2.19B in 2016 to $3.36B in 2021.

The most recent exports are led by Copper Ore ($844M), Gold ($256M), Hard Liquor ($246M), Ferroalloys ($242M), and Rolled Tobacco ($238M). The most common destination for the exports of Armenia are Russia ($789M), China ($443M), Switzerland ($364M), India ($249M), and Bulgaria ($199M).

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Exports (2021)
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Destinations (2021)
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Market Growth

Flow
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Fastest Growing Export Markets (2020 - 2021)
Russia$166M (+ 26.6%)
China$148M (+ 49.9%)
Netherlands$107M (+ 126%)
Fastest Growing Import Markets (2020 - 2021)
Russia$347M (+ 23.5%)
China$157M (+ 29.2%)
Iran$112M (+ 38.3%)

Total Export Growth by Market (2020 - 2021)

Service Trade

Service Trade

Armenia Exports Services (2020)$534M
Armenia Imports Services (2020)$898M

In 2020, Armenia exported $534M worth of services. The top services exported by Armenia in 2020 were Personal travel ($248M), Construction abroad ($76.6M), Miscellaneous business, professional, and technical services ($42.4M), Business travel ($39.6M), and Embassies and consulates ($33.2M).

The top services imported by Armenia in 2020 were Other transport ($305M), Personal travel ($190M), Miscellaneous business, professional, and technical services ($96M), Business travel ($87.7M), and Sea transport ($65.5M).

Service Exports (2020)

Service Imports (2020)

Economic Complexity

Overview

Economic Complexity (Trade)-0.19Rank 71 of 131
Economic Complexity (Technology)-0.73Rank 68 of 96
Economic Complexity (Research)-0.39Rank 88 of 140

Most Specialized Products by RCA Index

Armenia has a high level of specialization in Molybdenum Ore (142), Rolled Tobacco (61.6), Copper Ore (58), Aluminium Foil (47.4), and Hard Liquor (43.3). Specialization is measured using RCA, an index that takes the ratio between Armenia observed and expected exports in each product.

Most Complex Products by PCI

Export Opportunities by Relatedness

The top export opportunities for Armenia according to the relatedness index, were Melons (0.15), Legumes (0.15), Knit T-shirts (0.15), Knit Men's Suits (0.14), and Knit Women's Suits (0.14). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Armenia is not specialized in.

Product Space

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.

Relatedness Space

This network shows the products most related to the production structure of Armenia. These are products that tend to be co-exported with the products that Armenia exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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Depth

The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Armenia's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨nullth to the 71st⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

Explore Rankings

ECI (Trade) Ranking by Country

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