By 2030, Armenia`s exports expected to $16.9bln with - Strategy by RA  Ministry of Economy

ArmInfo. The implementation of the strategic program for stimulating exports until 2030 will require 98.7 billion drams (or about $256 million). This is stated in the Strategic Program for Stimulating Exports of the Republic of Armenia  for 2025-2030 and the Action Plan to Ensure its Implementation,  approved by the Cabinet of Ministers of the Republic of Armenia on  July 31.

As stated in the explanatory note to the document, the vision of the  state policy in the export sector is to promote the growth of the  welfare of the country's population and sustainable development of  the economy by stimulating export-oriented economic growth.

The following strategic goals have been set to implement the vision:  - Creating a favorable environment for economic growth and increasing  competitiveness by developing international trade relations and  improving the business environment in the country; - Achieving  strategic advantages due to geographical location through  infrastructure development, establishing partnerships and introducing  innovative products and logistics solutions; -

Stimulating export growth by increasing the trade potential of  national exporters and promoting the development of production of  complex goods and services; - Diversification of foreign markets and  products by expanding opportunities, creating a solid foundation for  sustainability and a viable economic environment; - Creating a  sustainable export ecosystem by implementing export support programs  and forming an appropriate financial and non-financial  infrastructure.

In order to overcome the challenges facing the state in the sphere of  foreign trade, the Strategy defines actions in the following areas  that contribute to export growth: - Ensuring a favorable and  competitive environment for exports;

- Developing infrastructure and ensuring logistics accessibility; -  Developing exporters and their capabilities; - Expanding sales  markets and consumers; - Stimulating and financing exports.

As a result of the implementation of the Strategy by 2030, the  following impact indicators are expected: - By 2030, the volume of  local exports will increase by 1.7 times and reach 16.9 billion US  dollars with an average annual growth rate of 9.3%. During the  specified period, by 2030, the volume of service exports will reach  10.3 billion US dollars with an average annual growth rate of 10.4%,  and the volume of goods exports - 6.6 billion US dollars with an  average annual growth rate of 7.8%.

- The contribution of local exports to GDP growth by 2030 will be  2.92 percentage points. - The ratio of the trade balance (including  total exports) to GDP in 2030 will be - 6.27% (instead of -13.34% in  2019). - By 2030, the growth of export-oriented industries will be  10% (instead of 3.4% in 2023). - Gross added value per person  employed in export-oriented industries of the economy will reach 18.6  million drams in 2030 (instead of 14.4 million drams in 2023). The  following performance indicators for the pillars that include  measures: - Increase in the Trade Facilitation Performance Index  (OECD) from 1.44 in 2022 to 1.80 in 2030.

- Contributing to an increase in the Trade Freedom Index from 64.9 in  2024 to 73 in 2030. - Improving the Logistics Performance Index from  2.5 in 2023 to 3 in 2030.

- Increasing the positive change in the exporter satisfaction index  to 50% in 2030 compared to 2024.

- Improving the ratio of average wage growth in exporting companies  to average wage growth in private companies from -0.3% in 2024 to  3.2% in 2030.

- Promote an increase in the number of organizations exporting goods  from 272 in 2023 to 440 in 2030.

- Reduce the Herfindahl-Hirschman index of export market  concentration in Armenia from 2752 in 2024 to 727 in 2030. - Increase  the number of new exporters in priority markets to 50 by 2030.

- Improve the ratio of export promotion costs to annual domestic  export growth (in dollar equivalent) from 0.22 to 6.65 by 2030.

The total financial cost of the Strategic Program until 2030 is  estimated at 98.7 billion drams.

According to the Statistical Committee of Armenia, the country has  reduced its exports of goods by more than half, by 52.8%, in the  first half of the year. The total foreign trade turnover of the  republic has fallen by almost the same amount. Armenia's foreign  trade turnover for the past half-year decreased by 45% year- on-year,  including exports by 52.8%, the republic's statistical committee  reports.

Thus, Armenia's foreign trade turnover in January-June 2025 amounted  to $9.66 billion, down 45% compared to the first half of 2024.  Exports reached $3.75 billion, down 52.8%, and imports - $5.91  billion, down 38.6%.