With $300m in Armenia’s exports to China, economy minister sees untapped opportunities

YEREVAN, 6 NOVEMBER, ARMENPRESS. China is one of Armenia’s top export destinations, with exports totaling $300,000,000, but Economy Minister Vahan Kerobyan still sees untapped opportunities.

Speaking at the Nov. 6 roundtable on how to successfully export to China in Yerevan, Kerobyan presented statistics of Armenia’s total exports in the nine months of 2021.

He said total exports increased by 17.2% and 27.5% if you exclude minerals.

The most exported Armenian product is copper concentrate ($578 million), followed by cigarettes ($162 million), cognac and other liquors ($158 million) and iron alloys ($120 million) .

The main products of Armenian exports are resource-based products – 1 billion 270 million dollars or 60%, low-tech products – 225 million dollars or 10.5%, medium-tech products – 9.3% and only high-tech products.

“The main destinations of our exports are Russia with 550 million dollars, China with 300 million dollars, Switzerland with 237 million dollars, EU countries with 500 million dollars and Iraq with 115 million. of dollars. Almost 100% of products exported to China are minerals,” Kerobyan said.

However, he added that service exports to China are very low. At the same time, Kerobyan designated our digital grenade as an exception, since most of the company’s customers are Chinese companies.

“Obviously, there are untapped opportunities. The government is planning to change the content of exports and diversify the destinations in the next five years. Now our export policy is under review, where we will change the “emphasis on exporting sophisticated products with high growth potential. From this perspective, we will focus on innovation-driven companies with high growth potential and big goals,” Kerobyan said.

Editing and translation by Stepan Kocharyan

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