Monthly Exports from Armenia Exceeded $300 million for the First Time

Monthly Exports from Armenia Exceeded $300 million for the First Time

On the 21st of July, Acting Minister of Economy Vahan Qerobyan posted on Facebook that in June 2021, exports from Armenia exceeded $300 million for the 1st time.

Vahan Qerobyan also noted that in the same period, the labor market of Armenia showed rapid growth, and a new record was set in terms of registered employees, the number of which increased by 8,305 in just a month, amounting to a total of 643,256 employees.

The Statistical Committee has not published the data for June yet, but January-May results show the general trend. According to the Committee, exports from Armenia in the January-May period amounted to $1.08 billion, which is 20% more as compared to the same period in 2020.

Monthly Exports from Armenia Exceeded $300 million for the First Time

Mining is accountable for 40% of the total number. It is thanks to the fact, that the global market has recorded a hockey stick increase in copper prices, which is the main mining product in Armenia. In May, the global price of copper almost doubled as compared to the same period last year.

In the January-May period, Armenia also recorded an increase in the export of food products by 6% amounting to a total of $215 million. The export of non-precious metals also increased by 27% ($122 million in total).

We’d like to remind you that agriculture, industry, and services are the top 3 sectors contributing to the GDP of the country. The country could withstand the pandemic crisis and the political issues thanks to the fact that there is no single main sector structure and the country’s economy is driven by multiple sectors. Besides, the GDP of the country is made up of sectors that have high demand irrespective of the global market situation.

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