Observatory of Economic Complexity

Flag Armenia

Econ Complexity (2018): -0.24, Rank 78 of 137

Product Exports (2018): $2.85B, Rank 126 of 222

Exports Per Capita (2018): $964, Rank 86 of 219

Product Imports (2018): $4.8B, Rank 132 of 221

Imports Per Capita (2018): $1.63k, Rank 84 of 219

Service Exports (2018): $1.65B, Rank 61 of 88

Service Imports (2018): $1.83B, Rank 61 of 88

GDP (2018): $12.4B, CURRENT US$
Rank 135 of 196

GDP growth (2008 - 2018): 6.61%, CURRENT US$
Rank 151 of 196

GDP PC (2018): $4,212, CURRENT US$
Rank 117 of 196

GDP PC GROWTH (2008 - 2018): 5.02%, CURRENT US$
Rank 129 of 196

About

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Overview: In 2018 Armenia was the number 135 economy in the world in terms of GDP (current US$), the number 126 in total exports, the number 132 in total imports, and the number 78 most complex economy according to the Economic Complexity Index (ECI). In 2018, Armenia exported $2.85B and imported $4.8B, resulting in a negative trade balance of -$1.95B. In 2018, Armenia's exports per capita were $964 and its imports per capita were $1.63k.

Trade: The top exports of Armenia are Copper Ore ($693M), Gold ($344M), Rolled Tobacco ($266M), Ferroalloys ($196M), and Hard Liquor ($195M). The top imports of Armenia are Petroleum Gas ($340M), Refined Petroleum ($227M), Diamonds ($175M), Cars ($174M), and Broadcasting Equipment ($140M).

Destinations: Armenia exports mostly to Russia ($661M), Switzerland ($506M), Bulgaria ($215M), Germany ($195M), and Iraq ($151M), and imports mostly from Russia ($1.27B), China ($482M), Georgia ($267M), Iran ($253M), and Germany ($250M).

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

Product Trade

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Product Exports

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Value
Depth

Top Export (2018): Copper Ore, $693M

Top Destination (2018): Russia, $661M

In 2018 Armenia exported a total of $2.85B, making it the number 126 exporter in the world. During the last five reported years the exports of Armenia have changed by $1.16B from $1.69B in 2013 to $2.85B in 2018.

The most recent exports are led by Copper Ore ($693M), Gold ($344M), Rolled Tobacco ($266M), Ferroalloys ($196M), and Hard Liquor ($195M). The most common destination for the exports of Armenia are Russia ($661M), Switzerland ($506M), Bulgaria ($215M), Germany ($195M), and Iraq ($151M).

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Product Imports

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Value
Depth

Top Import (2018): Petroleum Gas, $340M

Top Origin (2018): Russia, $1.27B

In 2018 Armenia imported $4.8B, making it the number 132 trade destination in the world. During the last five reported years the imports of Armenia changed by $441M from $4.36B in 2013 to $4.8B in 2018.

The most recent imports of Armenia are led by Petroleum Gas ($340M), Refined Petroleum ($227M), Diamonds ($175M), Cars ($174M), and Broadcasting Equipment ($140M). The most common import partners for Armenia are Russia ($1.27B), China ($482M), Georgia ($267M), Iran ($253M), and Germany ($250M).

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Monthly Trade

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Market Growth

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

Service Trade

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Service Trade

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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).

Forecasts

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Trade Forecasts

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This section shows forecasts for total product exports and imports for Armenia. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Tariffs

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Tariffs by Product

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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.

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*The tariffs applied to imports for Armenia are:
120: Customs Union of the member states of the Eurasian Economic Union: Belarus, Kazakhstan and Russia, enlarged in 2015 to include Armenia and Kyrgyzstan
136: Most Favoured Nation duty rate treatement
155: Preferential tariff among Developing Countries
190: Preferential tariff for Commonwealth of Independent States (CIS) countries
254: Preferential tariff for Least Developed Countries
333: Preferential tariff for Vietnam

Economic Complexity

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Economic Complexity Ranking

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Scale

During the last 11 years Armenia's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨42nd to the 78th⁩ 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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Most Specialized Products by RCA Index

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Armenia has a high level of specialization in Watch Cases and Parts (95.1), Copper Ore (69.7), Rolled Tobacco (63.6), Aluminium Foil (61.1), and Hard Liquor (38.6). 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

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The highest complexity exports of Armenia according to the product complexity index (PCI) are Equipment for soldering, brazing or welding (1.2), Invalid carriages, wheelchairs, including motorized (0.84), Electrical insulators of any material (0.81), Watch cases and parts thereof (0.81), and Lamps and lighting fittings, illuminated signs, etc (0.76). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Armenia according to the relatedness index, are Knit Women's Suits (0.15), Knit Men's Shirts (0.15), Knit T-shirts (0.15), Knit Women's Shirts (0.14), and Non-Knit Active Wear (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

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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.

Diversification Frontier

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Filter
Depth

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.

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