Time in Yerevan: 11:07:36,   23 March

Armenia exports grow 50% since joining EEU

YEREVAN, FEBRUARY 24, ARMENPRESS. Exports grew nearly 50% since Armenia joined the Eurasian Economic Union, which is a very important factor in terms of Armenian competitiveness growth in conditions of EEU membership, the Eurasian Expert Club said in a research.

According to experts it is a priority for Armenia to reach 30% GDP-export ratio, where finished goods must be dominant.

“In 2017 Armenia’s exports exceeded 2 billion dollars for the first time, reaching 2,2 billion dollars. Further diversification of exports is also a priority. It is necessary to use all EEU opportunities to increase exports to 3 billion,” the research says.

Exports to EEU markets grew in the chemical and pharmaceutical sector (71,4%), wood processing industry (50,5%), textile production (25%) and finished food products (27%).

The research notes that in 2017 exports to Russia grew 44,6%.

“GDP growth exceeded 5% in 2017, significantly higher than the forecasted 3,2%”, the research says, adding that exports to EU also increased.

English –translator/editor: Stepan Kocharyan

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