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2023
Economic Complexity
Trade 0.094Rank 57 of 132
2021
Economic Complexity
Technology -0.73Rank 68 of 96
2022
Economic Complexity
Research -0.51Rank 83 of 140
2023
Product
Exports | Imports $9.02B | $13.4B107 of 226 |  104 of 226
2023
Per Capita Product
Exports | Imports $3.02k | $4.47k82 of 220 |  96 of 220

About

Overview In 2023, Armenia was the number 114 economy in the world in terms of GDP (current US$), the number 107 in total exports, the number 104 in total imports, the number 96 economy in terms of GDP per capita (current US$) and the number 57 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Armenia are Gold ($1.82B), Diamonds ($709M), Copper Ore ($700M), Broadcasting Equipment ($535M), and Jewellery ($493M), exporting mostly to Russia ($3.38B), United Arab Emirates ($2.25B), Hong Kong ($669M), China ($425M), and Georgia ($340M).

Imports The top imports of Armenia are Cars ($1.52B), Gold ($1.37B), Diamonds ($736M), Broadcasting Equipment ($680M), and Petroleum Gas ($514M), importing mostly from Russia ($3.88B), China ($1.62B), Vietnam ($815M), Georgia ($712M), and Iran ($597M).

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

Latest Trends

Latest Trade

Flow
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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.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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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 (2023)Gold$1.82B
Top Destination (2023)Russia$3.38B

In 2023, Armenia exported a total of $9.02B, making it the number 107 exporter in the world. During the last five reported years the exports of Armenia have changed by $5.82B from $3.2B in 2018 to $9.02B in 2023.

The most recent exports are led by Gold ($1.82B), Diamonds ($709M), Copper Ore ($700M), Broadcasting Equipment ($535M), and Jewellery ($493M). The most common destination for the exports of Armenia are Russia ($3.38B), United Arab Emirates ($2.25B), Hong Kong ($669M), China ($425M), and Georgia ($340M).

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Exports (2023)
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Destinations (2023)
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Market Growth

Flow
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Growth
Fastest Growing Export Markets (2022 - 2023)
United Arab Emirates$1.71B (+ 320%)
Russia$963M (+ 39.9%)
Hong Kong$643M (+ 2.51k%)
Fastest Growing Import Markets (2022 - 2023)
Russia$1.24B (+ 47.2%)
Vietnam$640M (+ 364%)
China$295M (+ 22.2%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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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)0.094Rank 57 of 132
Economic Complexity (Technology)-0.73Rank 68 of 96
Economic Complexity (Research)-0.51Rank 83 of 140

Most Specialized Products by RCA Index

Armenia has a high level of specialization in Molybdenum Ore (73.6), Rolled Tobacco (30.9), Ferroalloys (20.6), Precious Metal Ore (20.4), and Other Fermented Beverages (18.6). Specialization is measured using RCA, an index that takes the ratio between Armenia observed and expected exports in each product.

Export Opportunities by Relatedness

The top export opportunities for Armenia according to the relatedness index, were Knit Women's Shirts (0.14), Knit Men's Shirts (0.14), Tropical Fruits (0.14), Knit T-shirts (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.

Relatedness Space (2023)

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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Armenia's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨nullth to the 57th⁩ 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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ECI (Trade) Ranking by Country

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