Armenia2019 Economic Complexity : -0.31, Rank 85 of 146
2019 Product Exports | Imports: $3.34B | $5.04B, 129 of 225 | 135 of 225
2019 Per Capita Product Exports | Imports: $1.13k | $1.7k, 117 of 219 | 125 of 219
2018 Service Exports | Imports : $1.65B | $1.83B, 61 of 88 | 61 of 88
Overview: In 2019 Armenia was the number 129 economy in the world in terms of GDP (current US$), the number 129 in total exports, the number 135 in total imports, the number 109 economy in terms of GDP per capita (current US$) and the number 85 most complex economy according to the Economic Complexity Index (ECI).
Exports: The top exports of Armenia are Copper Ore ($870M), Gold ($441M), Rolled Tobacco ($272M), Hard Liquor ($249M), and Ferroalloys ($240M), exporting mostly to Russia ($734M), Switzerland ($681M), China ($220M), Bulgaria ($208M), and Iraq ($177M).
Imports: The top imports of Armenia are Petroleum Gas ($385M), Cars ($300M), Refined Petroleum ($269M), Broadcasting Equipment ($200M), and Diamonds ($128M), importing mostly from Russia ($1.44B), China ($525M), Georgia ($398M), Iran ($300M), and Turkey ($255M).
Location: Armenia borders Azerbaijan, Georgia, Iran, and Turkey by land.
Top Export (2019): Copper Ore, $870M
Top Destination (2019): Russia, $734M
In 2019, Armenia exported a total of $3.34B, making it the number 129 exporter in the world. During the last five reported years the exports of Armenia have changed by $1.64B from $1.71B in 2014 to $3.34B in 2019.
The most recent exports are led by Copper Ore ($870M), Gold ($441M), Rolled Tobacco ($272M), Hard Liquor ($249M), and Ferroalloys ($240M). The most common destination for the exports of Armenia are Russia ($734M), Switzerland ($681M), China ($220M), Bulgaria ($208M), and Iraq ($177M).
Top Import (2019): Petroleum Gas, $385M
Top Origin (2019): Russia, $1.44B
In 2019 Armenia imported $5.04B, making it the number 135 trade destination in the world. During the last five reported years the imports of Armenia changed by $879M from $4.16B in 2014 to $5.04B in 2019.
The most recent imports of Armenia are led by Petroleum Gas ($385M), Cars ($300M), Refined Petroleum ($269M), Broadcasting Equipment ($200M), and Diamonds ($128M). The most common import partners for Armenia are Russia ($1.44B), China ($525M), Georgia ($398M), Iran ($300M), and Turkey ($255M).
Armenia Exports Services (2018): $1.65B
Armenia Imports Services (2018): $1.83B
In 2018, Armenia exported $1.65B worth of services. The top services exported by Armenia in 2018 were Personal travel ($1.08B), Construction abroad ($190M), Business travel ($126M), Air transport ($47M), and Miscellaneous business, professional, and technical services ($45.9M).
The top services imported by Armenia in 2018 were Personal travel ($1.15B), Business travel ($257M), Air transport ($121M), Miscellaneous business, professional, and technical services ($107M), and Sea transport ($70.2M).
The top product import tariffs by their MFN Ad Valorem value for Armenia are Ethyl alcohol and other spirits, denatured (100%) and Undenatured ethyl alcohol > 80% by volume (100%).
Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.
*The tariffs applied to imports for Armenia are:
Armenia has a high level of specialization in Watch Cases and Parts (93.5), Copper Ore (78.6), Rolled Tobacco (54.9), Aluminium Foil (54.9), and Other Fermented Beverages (51). Specialization is measured using RCA, an index that takes the ratio between Armenia observed and expected exports in each product.
The highest complexity exports of Armenia according to the product complexity index (PCI) are Equipment using X-rays, alpha, beta, gamma rays (1.84), Electrical insulators of any material (0.82), Equipment for soldering, brazing or welding (0.81), Other clock or watch parts (0.78), and Binoculars, monoculars, telescopes, etc (0.63). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Armenia according to the relatedness index, are Perfume Plants (0.11), Melons (0.11), Other Nuts (0.11), Tropical Fruits (0.11), and Knit Men's Shirts (0.11). 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 it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a 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 emissions.
During the last 13 years Armenia's economy has become relatively less complex, moving from the 59th to the 85th 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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