Exports of Precious Metals Increase in the First Half of the Year

In the first half of 2019, Armenia registered a 0.5% decrease in exports, primarily due to declines in copper concentrate, ore (-8%), cigars, cigarillos, and cigarettes (-4%), aluminum foil (-9%), electricity (-37%), and diamond (-33%) exports. Despite the decrease in exports of certain goods, the volumes of several products with high customs value in the export structure significantly increased.

The State Revenue Committee published a list of goods with the highest customs value exported from Armenia in the first half of the current year. According to the report, cigarette exports from Armenia increased nearly 26 times compared to the same period last year. The main destinations for the export of tobacco products and other substitutes include Georgia, Russia, Iraq, and other countries. During the observed period, exports to Iraq increased by almost 25 times when expressed in customs value.

Exports of precious metal scrap and waste increased sevenfold, with Latvia, Switzerland, and other countries being the primary markets. Exports to Lithuania and Russia for this category surged by 5.7 and 8 times, respectively.

The volumes of fresh or frozen cucumber exports increased nearly fivefold, particularly to Russia, where exports increased by about five times, and to Georgia, which saw an increase of approximately 4.5 times. Other export destinations for this product include Lithuania and Poland.

There has also been an increase in the export volumes of medical equipment and devices, which grew by nearly 17 times compared to the first half of last year. Key export destinations include Hong Kong, the UAE, Kazakhstan, the United Kingdom, the Netherlands, China, and others.

Exports of several types of fruits, such as apricots, cherries, and sweet cherries, were almost halved. In the first half of 2018, Armenia exported $11.1 million worth of fruits, whereas this year, it exported only $5.6 million worth of products.

There has also been an increase in the export volumes of chocolate, canned fruits, nuts, berries, frozen and fresh fish. Exports of molybdenum ore and concentrates, jewelry, and iron alloys also rose.

Meanwhile, a reduction in export volumes was observed mainly in knitted products like sweaters and pullovers, watch casings, passenger cars, and other categories. Unlike the first half of last year, Armenia did not export knitted products to Kazakhstan, but instead began exporting this category to new markets, particularly the USA and France. The primary export destination for knitted products remains Russia, which has contributed to the overall decline in exports of the category.

Exports of electricity to Iran have also decreased by 36.4%.