Kerobyan:  Export ratio to GDP in Q1 2023 exceeds target for 2026

ArmInfo. The United States Agency for International Development (USAID) has prepared an analysis  of alternative export markets for Armenian exporters. Head of the Armenian Economic Department Vahan Kerobyan attended the corresponding event, organized by USAID in cooperation with the  Ministry of Economy.

During the event, he stressed that this is an extremely important  work carried out by USAID, since overdependence on one market makes  vulnerable not only exporters, but also the entire economy of  Armenia. "As a result of this analysis, we will understand what  potential Armenian goods have in alternative markets and what steps  are needed to diversify our exports," the minister said.  According  to him, the ratio of exports to GDP in 2022 was 48%, and Q1 2023  alone - 62.6%, which exceeded the target for 2026.

The event was also attended by USAID Mission Director for Armenia  John Allelo , expert of the USAID project to improve the business  environment in Armenia, Head of  Management Advisory at Ameria Group  Inc. Tigran Jrbashyan , other officials of the sector, and  international experts.

According to the data of the RA Statistical Committee, the share of  Russia increased from 31.6% to 34.3% in the foreign trade turnover of  Armenia, on a y-o-y terms, against the backdrop of a significant  increase in the share in exports from 28.3% to 49%, while the share  in imports decreased from 33.4% to 25.8%. Thus, leadership in foreign  trade turnover in general, and in exports and imports in particular,  continues to be held by Russia. In particular, the foreign trade  turnover between Russia and Armenia in Jan-May 2023 exceeded $2.5  billion, with an acceleration of y-o-y growth from 39.2% to 2- fold,  thanks to a surge in exports with an imperceptible slowdown in import  growth. Thus, the volume of exports of goods from Armenia to Russia  increased 3.3-fold year-on-year, while a modest 32.7% growth was  observed in the same period of 2022. At the same time, the upward  pace of imports of goods from Russia to Armenia slightly slowed down  - from 42.5% to 42%. Moreover, such a sharp change in the y-o-y  dynamics of both exports and imports is explained by the consequences  of the unprecedented scale of anti- Russian sanctions applied by the  collective West.  As a result, the volumes of exports to Russia and  imports from Russia amounted to $1.3 billion and $1.2 billion,  respectively, in Jan-May 2023.