Time in Yerevan: 11:07,   23 April 2024

With $300 million in exports from Armenia to China, economy minister sees untapped opportunities

With $300 million in exports from Armenia to China, economy minister sees untapped 
opportunities

YEREVAN, NOVEMBER 6, ARMENPRESS. China is one of Armenia’s main export destinations, with exports totaling 300,000,000 dollars, but the Minister of Economy Vahan Kerobyan still sees untapped opportunities.

Speaking at the November 6 How to Successfully Export to China roundtable-discussion in Yerevan, Kerobyan presented the statistics of total exports from Armenia in the nine months of 2021.

He said total exports grew 17,2%,, and 27,5% if not counting minerals.

Most exported Armenian product is copper concentrate (578 million dollars), followed by cigarettes (162 million dollars), cognac and other liquors (158 million dollars) and iron alloys (120 million dollars).

Main products in Armenian exports are resource-based products – 1 billion 270 million dollars or 60%, low tech products – 225 million dollars or 10,5%, mid tech products – 9,3% and then only high tech products.

“Main destinations of our exports are Russia with 550 million dollars, China with 300 million dollars, Switzerland with 237 million dollars, EU countries with 500 million dollars and Iraq with 115 million dollars. Nearly 100% of products exported to China are minerals,” Kerobyan said.

However, he added that service exports to China are very little. At the same time, Kerobyan pointed our Digital Pomegranate as an exception, because the most of the company’s clients are Chinese companies.

“Obvoiusly there are untapped opportunities. The government plans to change the content of the exports and to diversify the destinations in the next five years. Now, our export policy is being reviewed, where we will change the emphases on export of sophisticated products of high growth potential. From this perspective we will focus on innovation-oriented companies having great potential for growth and big goals,” Kerobyan said.

Editing and Translating by Stepan Kocharyan

 

 

 








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