YEREVAN. – Shockwaves were recorded in international markets on Friday morning. And these were conditioned on the possible cuts in US budget spending, and the not-so-promising indicators recorded in Chinese economy, Haykakan Zhamanak daily reports.    

“As a result, the raw material prices began to fall sharply at stock exchanges. This is significant for Armenia in the sense that the international prices for oil and copper are dropping.   

The fall in the price of oil could result in a reduction of the remittances being sent from Russia [to Armenia], as it occurred in 2009. This is important because the total amount of the remittances incoming to Armenia is comparable with Armenia’s state budget.  

And the drop in the prices of copper—and of non-ferrous metals, in general—impacts Armenia’s foreign trade balance severely, since a significant part of the goods being exported from Armenia are non-ferrous metal ores,” Haykakan Zhamanak writes.