Wednesday, December 28 2016 16:35
Naira Badalian

Armenian Economy Ministry shows ultimate export results

Armenian Economy Ministry shows ultimate export results

ArmInfo. In 2016 Armenia fixed ultimate export indicators, Suren karayan, the Minister of Economic Development and Investments stated on December 28, summarizing the results of the year.

According to the Minister, until now the economic development of Armenia was oriented to meet the demand of domestic market. At the same time, taking into consideration its small capacity, it is necessary to diversify the slaes markets, and the export will become the loco of Armenian economy development. " Following the results of 2016, Armenia will have the record of 21% export growth versus that of last year, and in the last quarter of the current year this indicator will increase at least for 25%," Karayan mentioned.

However, according to the Minister, these indicators could not be considered as fair, because the country GDP volume forms only 30%.  Meanwhile, following Karayan, to fix real results in respect of securing the sustainable economic growth, the export should form at least 40-50% of GDP.

According to the Minister, it is important in this respect to shape the tasks existing correctly. As Karayan mentioned, today's priority of the Ministry is to diversify the export-oriented  products and to find new sales markets. Currently the export market of the country is oriented mainly at EEU, particularly - at Russia, and the export should be adjusted in respect to other countries - such as EU, UAE, Iran.

At the same time, as the Minister informed, the priority task of the Ministry will be also the export expansion to Russia and Iran.  "Studies showed the absence of high export potential in Armenia.  Armenian export to Russia forms USD 1,7 and to Iran USD 1 per capita respectively, which is a pretty low result," Minister noted.  In this context, as the Minister mentioned, Armenia has developed and submitted to EEU Commission a number of proposals in respect to certain Armenian products standardization to arrange free exit to EEU markets. " These criteria state requirements to specific products like mineral waters, brandy, Narine yogurt product, sudjukh (Armenian biltong) and other production.

Within the context of export increase to Iran Armenia has launched the process of own quality certificates adjudication in IRI.  Negotiations are in progress with the Standards and Industrial Research Iranian Institute within a purpose of opening its branch in Armenia, which will give an option of free expansion of Armenian products to Iranian market.

According to the National Statistics Service of Armenia, in Jan-Oct 2016 the foreign trade turnover of Armenia totaled 1952.3 bln AMD ($4067 mln), with a 6.1% year-over-year growth. Exports increased by 19.8% to 697.8 bln AMD  ($1453.7 mln), and imports decreased by 0.3% to 1254.5 bln AMD ($2613.3 mln).In Jan-Oct 2016, the economic activity growth in Armenia slackened to 0.4% from 3.5% in Jan-Oct 2015. Services and industry remained the driving force of economic activity. In the same period of 2014 the growth of economic activity was much higher-4.2%. According to the data of the Armenian National Statistical Service, in October alone economic activity dropped by 18.7% (down 7.8% versus Oct 2015).  According to the state budget, the GDP growth in Armenia for 2016 is planned at 2,2 %, and for 2017 - 3,2%.

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