Bulk of Armenian exports to EU are raw materials
28.10.2016,
18:25
The bulk of Armenian exports to European Union member countries are raw materials, economist Vilen Khachatryan, said today during a public discussion on cooperation with the EU.
YEREVAN, October 28. /ARKA/. The bulk of Armenian exports to European Union member countries are raw materials, economist Vilen Khachatryan, said today during a public discussion on cooperation with the EU.
According to Khachatryan, the share of Armenian exports to Europe in the overall foreign trade fell to 27.2% in January-August 2016 against 28.5% in the same period last year, while the share of one of Armenia’s most important trade partners – Germany - fell from 9.5% to 7.7% yielding the leading position to Bulgaria with 9.1%, where the bulk of Armenian raw materials are exported. According to him, these figures show that Armenia sells to Europe only raw materials.
"We have been unable to build deeper relations with Europe. This suggests that Europe will continue considering Armenia and other countries, involved in its Eastern Partnership program as a market for its exports", - Khachatryan argued.
He added that the share of imports from Europe to Armenia during the reporting period decreased from 24.1% to 22.9%.
"It is noteworthy that the European countries import to Armenia less of their own goods than goods produced in other countries. Some countries, such as Luxembourg, use offshore schemes,' he said adding that such "mediation" in exports must be eliminated.
He also said that out of the total 5.6 trillion drams invested in the Armenian economy some 2 trillion 85 billion drams are Russian investments, 582 billion drams worth investments are from Germany, 494 billion drams – from France. According to Khachatryan, European investments are also mostly channeled into the raw materials sector.
According to the National Statistical Service, Armenia's foreign trade turnover in the first eight months of 2016 amounted to $t3.114.7 billion (4.6% growth year-on-year). The trade with the EU amounted to $762.4 million (0.4% growth).
Armenia’s trade turnover with Russia in this period amounted to $803.6 million (11.6% growth). ($ 1 - 475.34 drams). -0-
According to Khachatryan, the share of Armenian exports to Europe in the overall foreign trade fell to 27.2% in January-August 2016 against 28.5% in the same period last year, while the share of one of Armenia’s most important trade partners – Germany - fell from 9.5% to 7.7% yielding the leading position to Bulgaria with 9.1%, where the bulk of Armenian raw materials are exported. According to him, these figures show that Armenia sells to Europe only raw materials.
"We have been unable to build deeper relations with Europe. This suggests that Europe will continue considering Armenia and other countries, involved in its Eastern Partnership program as a market for its exports", - Khachatryan argued.
He added that the share of imports from Europe to Armenia during the reporting period decreased from 24.1% to 22.9%.
"It is noteworthy that the European countries import to Armenia less of their own goods than goods produced in other countries. Some countries, such as Luxembourg, use offshore schemes,' he said adding that such "mediation" in exports must be eliminated.
He also said that out of the total 5.6 trillion drams invested in the Armenian economy some 2 trillion 85 billion drams are Russian investments, 582 billion drams worth investments are from Germany, 494 billion drams – from France. According to Khachatryan, European investments are also mostly channeled into the raw materials sector.
According to the National Statistical Service, Armenia's foreign trade turnover in the first eight months of 2016 amounted to $t3.114.7 billion (4.6% growth year-on-year). The trade with the EU amounted to $762.4 million (0.4% growth).
Armenia’s trade turnover with Russia in this period amounted to $803.6 million (11.6% growth). ($ 1 - 475.34 drams). -0-
