Overview In 2020, Armenia was the number 132 economy in the world in terms of GDP (current US$), the number 128 in total exports, the number 136 in total imports, the number 112 economy in terms of GDP per capita (current US$) and the number 77 most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Armenia are Copper Ore ($739M), Gold ($464M), Rolled Tobacco ($241M), Hard Liquor ($202M), and Ferroalloys ($149M), exporting mostly to Russia ($671M), Switzerland ($594M), China ($323M), Iraq ($164M), and Bulgaria ($151M).

Imports The top imports of Armenia are Petroleum Gas ($392M), Refined Petroleum ($223M), Broadcasting Equipment ($114M), Packaged Medicaments ($102M), and Diamonds ($82.9M), importing mostly from Russia ($1.48B), China ($550M), Iran ($295M), Germany ($229M), and Turkey ($225M).

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

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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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Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.

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

Historical Data

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Top Export (2020): Copper Ore, $739M

Top Destination (2020): Russia, $1.48B

In 2020, Armenia exported a total of $3.07B, making it the number 128 exporter in the world. During the last five reported years the exports of Armenia have changed by $1.41B from $1.66B in 2015 to $3.07B in 2020.

The most recent exports are led by Copper Ore ($739M), Gold ($464M), Rolled Tobacco ($241M), Hard Liquor ($202M), and Ferroalloys ($149M). The most common destination for the exports of Armenia are Russia ($671M), Switzerland ($594M), China ($323M), Iraq ($164M), and Bulgaria ($151M).

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Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

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).

Economic Complexity

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Most Specialized Products by RCA Index

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Armenia has a high level of specialization in Molybdenum Ore (168), Watch Cases and Parts (148), Copper Ore (65.3), Rolled Tobacco (55.6), and Sheep and Goats (46.7). Specialization is measured using RCA, an index that takes the ratio between Armenia observed and expected exports in each product.

Export Opportunities by Relatedness

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The top export opportunities for Armenia according to the relatedness index, are Melons (0.13), Knit Men's Shirts (0.13), Packing Bags (0.12), Spices (0.12), and Locust beans, seaweed, sugar beet, cane, for food (0.12). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Armenia is not specialized in.

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

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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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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

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During the last 20 years Armenia's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨nullth to the 77th⁩ 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.

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