ArmInfo. In light of the sanctions against Russia, the Ministry of Economy of Armenia intends to intensify efforts to diversify exports, in particular, to increase the volume of supplies to the Iranian, Arab, and Chinese markets. Armenian Minister of Economy Vahan Kerobyan stated this to journalists during a briefing in the government.
At the same time, he noted that efforts will also be directed to ensure that exports in the direction of the Russian Federation do not suffer. In this regard, the minister recalled that by the end of 2021, Armenia exported $800 million worth of goods to the Russian market.
Referring to the opinions of experts, Kerobyan noted that there is a possibility of a reduction in Armenian exports to the Russian Federation by 40%, as it was in the period of 2014-2015. However, he noted that such a scenario may not be realized, due to the complication of the process of cargo transportation in the direction of Russia. In particular, the minister recalled that major international "shipping" announced a decision to stop cargo transportation in the Russian Federation. "This indicates that the demand for primary goods will increase, which will affect our food producers, as we mainly export food to the Russian Federation," he said.
According to Kerobyan, the economic bloc of the government is working intensively at this stage to minimize possible damage. He also spoke about the closed discussion of scenarios in the government in connection with the ongoing situation. According to the official, discussion and analysis of the realities will take place on a platform created specifically for this. Due to severe uncertainty, Kerobyan refused to predict the future situation.
As he further noted, the actions of the Ministry will be aimed at curbing inflation. In this context, Kerobyan noted that there is an increase in prices for wheat and a number of other goods, and there are certain risks, according to him, in the sugar market. "We examine each product group in detail. And we will work to keep inflation at the level approved by the budget," the minister said.
The state budget of the Republic of Armenia for 2022 provides for economic growth by 7%, inflation is set at 4% (+/-1.5%).
It should be noted that Russia is traditionally the leader in Armenia in terms of the volume of mutual trade. At the end of 2021, the share of the Russian Federation in the overall structure of external and mutual trade turnover amounted to 32.7% (instead of 31.9% a year earlier). In particular, according to the Statistical Committee, in 2021 the volume of mutual trade between the Republic of Armenia and the Russian Federation increased by 20.9%, amounting to $2.6 billion. At the same time, exports grew by 24.5% to $847.2 million, against the backdrop of an increase in imports by 19. 2% to $1.8 billion
