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The development strategy of Armenia's economy should be based on the development of export potential in several existing growth points. For the development of foreign trade, it is necessary to use all the opportunities of EAEU (Eurasian Economic Union) to integrate into the world economy, and this will enable Armenian producers to achieve a considerable scale of effect. Economist Ashot Tavadyan said this during Tuesday’s discussion on the topic of "Armenia and the main directions of development of Eurasian integration in the foreseeable future."

According to the economist, in 2022, Armenia  recorded a considerable increase in commodity circulation. Compared to 2021, Armenia's exports increased by 77.7 percent—from $3 billion to $5.4 billion—, and it is predicted that this trend will continue until about the middle of this year.

It should be noted that the single and free market of the EAEU mainly contributes to the growth of exports. In 2022 alone, Armenia’s exports to the other EAEU countries increased 2.8 times—from $883 million to $2.5 billion. Compared to this, exports to the EU in 2022 increased by 17.8 percent—from $656 million to $773 million, to China decreased by 2 percent—from $403 million to $395 million), and to the Middle East increased by 2.8 times—from $351 million to $984 million.

The dynamics of growth towards the EU and China is due to the fact that 97 percent of Armenia's exports to China and 37.8 percent of its exports to the other EAEU countries are non-ferrous metal ores.

Tavadyan noted that since the establishment of the EAEU, Armenia's exports to the member countries of this have increased about 10 times. In 2015, EAEU accounted for about 15 percent of Armenia's total exports, in 2021 this ratio was 29.3 percent, and in 2022 it was already 46.8 percent.

Russia is the main trade partner of Armenia. The share of the latter’s exports to Russia is the most diversified, and mainly finished products are exported to Russia. An increase in the total percentage to the other EAEU countries was also recorded. Exports have increased in all EAEU countries.

"It is interesting that if in 2017 the exports [of Armenia] to Russia were dominated by alcoholic and non-alcoholic beverages, then already in 2018, and then in 2019, the export is more diversified. And the diversification has a continued trend, which also shows the importance of the EAEU market and Armenia's membership in the EAEU. Let us also note that the main export product of the EAEU in the non-standard 2022 is not alcoholic and non-alcoholic beverages, but equipment, the export of which has increased more than 10 times during the year. This is the re-export from third countries to Russia, which also reflected positively on the growth of exports and GDP in general," the economist noted.

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