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- For the year ended 31 December 2010
- Total
- For the year ended 31 December For the nine months ended 30 September
- Trade Balance by Percentage of GDP (1)(2)(3)(4)
- Imports of Goods by Value in Dollars (1)(2)(3)
- Imports of Goods by Value in Percentage Terms (1)(2)
Remittances The following table sets forth the source, by country, of net inflows of remittances into Armenia for the years indicated: Net Remittance Inflows(1)
_____________________________ Notes:
n/a = not available. (1) The figures in this table reflect net inflows of non-commercial money transfers of individuals via the banking system. These transfers include (i) financial resources received from or sent abroad on behalf of individuals to meet certain needs, such as financial aid, donations, allowances and pensions; (ii) compensation of employees who work in an economy where they are not resident and who receive their income via bank transfers; and (iii) compensation of resident employees of foreign organisations that is received from abroad as a direct transfer. (2) Calculated as a percentage of Armenia’s nominal GDP in dollars, using the average AMD/U.S.$ exchange rates for the respective period. Source: CBA. Remittances finance a substantial share of Armenia’s current account deficit. Net remittance inflows to Armenia have generally fluctuated in line with the state of the global economy, and, in particular, the Russian economy, which is where most remittances to Armenia originate. For example, during the global financial crisis, total net remittances to Armenia declined sharply. Between 2010 and 2013 net remittances rose on an annual basis: by 15.4% in 2010, 19.6% in 2011, 8.8% in 2012 and 10.8% in 2013. Net remittances declined, however, in 2014, falling by 10.1% year-on-year, as a result of the slowdown in the Russian economy. Net remittance inflows are an important feature of the Armenian economy, accounting for 11.6% of GDP in 2010, 12.6% of GDP in 2011, 14.0% of GDP in 2012 and 14.8% of GDP in 2013. Remittances from Russia have accounted for the highest proportion of net remittance inflows into Armenia from 2010 through 2014. Of total net remittances to Armenia, Russia comprised 88.2% in 2010, 90.0% in 2011, 91.8% in 2012, 92.3% in 2013 and 88.6% in 2014. The United States, the EU, Kazakhstan and Ukraine are also important sources of remittance flows to Armenia. As the Russian economy continues to weaken, Armenia expects remittances to drop by a further 20-30% in 2015. The CBA does not expect the overall currency profile of remittances to change materially in the short term. International Trade Armenia is an open economy, and the value of foreign trade turnover in goods and services represented approximately 73.5% of GDP in 2013. Armenia’s principal trading partners are Russia and the EU. Armenia’s trade balance, i.e., the balance between the import and export of goods, has been characterised by a substantial structural deficit, with the country running a simple average annual deficit of 28.8% from 2009 through 2013. Structural factors affect the nature of Armenia’s imports and exports. Armenia is dependent on imports of energy and certain other commodities, the prices for which have been relatively high since 2009. Armenia’s domestic savings rate has been in decline during the periods under review since remittances are used in large part to finance consumption. Armenia’s principal exports are commodities, such as mineral products and metals and particularly copper, which heighten the country’s vulnerability to price and demand fluctuations on the world markets. Armenia is also particularly dependent on the state of the Russian economy, as Russia-bound exports accounted for 22.6% and 20.3%, respectively, of Armenia’s overall exports by value in 2013 and 2014. See “Risk Factors—Risk Factors Relating to Armenia—Relations with Russia.” Armenian exports are also restricted by its geopolitical position. Armenia’s borders with Azerbaijan and land border with Turkey remain closed as a consequence of the Nagorno-Karabakh conflict (although Turkish goods flow into Armenia via Georgia). Trading with Iran is limited both by limited transport infrastructure and by international sanctions against Iran. Therefore, Armenia’s sole reliable trade route is through Georgia, which increases transportation costs, limits the types of goods that can be exported and hampers competition in the country’s export and import sectors. See “Risk Factors—Risk Factors Relating to Armenia—Limited Routes for Exports.” Armenia is carrying out steps to develop a more diversified trade portfolio. Russia is and expects to remain a significant trade partner of Armenia, accounting for 24.9% of the value of imports and 20.3% of the value of exports in 2014. Armenia also values its trade relationship with the EU, with which it maintains a GSP + trade regime. See “—International Trade Agreements.” In 2014, imports from the EU accounted for 25.5% of total imports and exports to the EU accounted for 28.8% of total exports (as measured by value). Armenia is also taking steps to broaden its trade relationships beyond the EU and Russia, with, for example, exports to other countries having increased to 41.6% of total exports in 2014 from 33.8% of total exports in 2013 (as measured by value). The Armenian Development Fund was set up in 2014 as one means to promote Armenian exports abroad; it currently is in the process of stationing representatives in up to six of Armenia’s export markets. See “—FDI—Armenian Development Agency/Armenian Development Fund.” The following table sets forth Armenia’s trade balance by value for the years indicated: Trade Balance by Value(1)(2)(3)(4)
_____________________________ Notes:
(1) Figures in this table are current as of 31 January 2015. (2) The trade balance is limited to the import and export of goods, and does not reflect trade in services. (3) The value of imports is recorded on a CIF (cost, insurance, freight) basis. The value of exports is recorded on an FOB (free on board) basis, i.e., the value of goods to the port of shipment, and includes goods of domestic origin and re-exported goods of foreign origin. Figures in this table do not reflect unregistered trade volumes. (4) For those transactions denominated in currencies other than the dollar, conversions into dollars are made using period-end exchange rates. Source: Armstat. The following table sets forth Armenia’s trade balance as a percentage of GDP for the periods indicated: Trade Balance by Percentage of GDP(1)(2)(3)(4)
_____________________________ Notes:
(1) Figures in this table are current as of 31 January 2015. (2) The trade balance is limited to the import and export of goods, and therefore does not reflect trade in services. (3) The value of imports is recorded on a CIF basis. The value of exports is recorded on an FOB basis, i.e., the value of goods to the port of shipment, and includes goods of domestic origin and re-exported goods of foreign origin. Figures in this table do not reflect unregistered trade volumes. (4) Calculated as a percentage of Armenia’s nominal GDP converted in dollars, using the average AMD/U.S.$ exchange rate for the respective period. Source: Armstat. Imports Armenia’s imports are primarily comprised of mineral products (including natural gas and petroleum products), machinery and equipment, foodstuffs, transport (mainly motor vehicles), chemical products, base metals and plastics and rubber. The following table sets forth the value of Armenia’s imports by product category for the years indicated: Imports of Goods by Value in Dollars(1)(2)(3)
_____________________________ Notes:
(1) Figures in this table are current as of 31 January 2015. (2) The value of imports is recorded on a CIF basis and reflects goods of foreign manufacture that have been imported for consumption and for re-export. Figures in this table do not reflect unregistered trade volumes. (3) For those transactions denominated in currencies other than the dollar, conversions into dollars are made using period end exchange rates. Source: Armstat. The following table sets forth the value of Armenia’s imports, in percentage terms, by product category for the years indicated: Imports of Goods by Value in Percentage Terms(1)(2)
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