Armenia gets to Import phase-out

ArmInfo. Armenian Prime Minister Karen Karapetyan instructed to adjust import phase-out  in the country. On January 12 at the Government session the Prime Minister instructed Ministries of Economic Development and Investments,  of Finance, of Argiculture,  of Health Care and  of Defence to submit in 20 day term appropriate proposals in respect to import phase out due to domestic manufavtured products.  Particularly, the Prime Minister instructed to study the availability of different tools of importing phase-out.

Karapetyan commenced to study and revise all the paths of sustainable import phase-out, through supporting the demand for domestic products.

According to the statistical data in Jan-Oct 2016 trade amounted to 1.8 trillion AMD ($3.7 bln), industry - 1.2 trillion ($2.4 bln), services - 1.03 trillion AMD  ($2.2 bln), agriculture - 757.3 bln AMD ($1.6 bln), construction - 275.6 bln AMD ($573.7 mln), electricity output totaled 5991.4 mln kWh, including 595.3 mln kWh in October alone.

At the same time, 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 2015 foreign trade turnover declined by 20.4% due to decline of import by 26.6% amid drop of export by 2.2%.  To note for comparison that in Jan-Oct 2014 foreign trade turnover of Armenia grew 3.6% y-o-y with export growing by 2.9% and import by 3.8%.