Economy Minister clarifies factors leading to decreased exports to  EU

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.