Wednesday, November 1 2017 16:45
Alina Hovhannisyan

US Embassy in Armenia: Trade turnover between the US and Armenia increased by 35% in 8 months of 2017

US Embassy in Armenia: Trade turnover between the US and Armenia increased by 35% in 8 months of 2017

ArmInfo. According to the US Statistical Service, for the first 8 months of this year, the trade turnover between the US and Armenia increased by 35%. On November 1, during the agrarian business forum organized by the US Embassy, the RA Ministry of Agriculture and HSBC Bank Armenia, US attorney Rafik Mansour said. "The US is making efforts to improve Armenia's commercial opportunities and deepen trade and investment ties," he stressed.

As the press service of the US Embassy in Armenia informs, during the forum the well-known American companies Valmont and Monsanto presented their experience, products and technologies to Armenian companies.

R. Mansour noted that agriculture is one of the most important sectors for the development of the Armenian economy, whose share in the GDP structure is about 19.6%, and 36.2% of the labor force is involved in the agricultural sector.

According to the source, the event allowed US companies to form a more accurate picture of the government of Armenia, the goals and priorities of business, and Armenian companies had no opportunity to learn innovative approaches to increase yield and formation of added value.

Representatives of HSBC Bank Armenia, IFC, the Rural Development and Agribusiness Center and the Government of Armenia also spoke during the forum. At the end of the forum, meetings were held between representatives of Armenian and American companies.

According to the National Statistical Service of Armenia, the foreign trade turnover between Armenia and the US in January-September 2017 amounted to $ 139.9 million, with an annual growth of 61.2% due to almost similar upward rates of exports and imports. Thus, the export of goods and services from Armenia to the United States grew by 62.9% to $ 47.2 million, and imports - by 60.3% to $ 92.7 million. In 2016, the foreign trade turnover between Armenia and the USA showed a decline 21% per annum - up to $ 126.9 million, while export fell by 26.7% to $ 38.8 million and imports - by 18.2% to $ 88.1 million.

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