ArmInfo.The reduction in exports to EU countries is due to Western sanctions, as stated by Minister of Economy Gevorg Papoyan at the budget hearings in the Parliamentary committees on November 5.
He noted that Armenia mainly exports mining products to the EU, including copper, molybdenum, zinc concentrate, aluminum foil, alcoholic beverages (wine, cognac), and honey. The Minister explained that the real owners of the enterprises exporting mining products to Europe were under Western sanctions. As a result, the enterprises shifted their focus, and the goods were delivered to the Chinese market.
"That is, as much as exports to the EU decreased, they increased in China," Papoyan noted. Calling the problem deep-rooted, the minister stressed that it is one of the vulnerable aspects of Armenian economy. "The decline in exports to the EU is mainly due to these reasons and trends," the head of the department emphasized.
Note that according to the RA Statistical Committee, Armenia's foreign trade turnover with EU countries decreased by 16.9% in January-September 2024, totaling approximately $1.7 billion. The export volume was only $444.8 million, with a decrease of 22.7% over the year. Imports also decreased by 14.6% to $1.2 billion.
