• Analysis and Studies
• Armenia: a look at the market

Armenia is a landlocked country located in the South Caucasus region of Eurasia. Armenia is situated in the South Caucasus region of Eurasia. It is bordered by Turkey to the west, Georgia to the north, Azerbaijan to the east, and Iran to the south. The country's landscape is characterized by mountain ranges, including the Lesser Caucasus and the Armenian Highlands. Yerevan is the capital and largest city of Armenia. It is one of the world's oldest continuously inhabited cities. Armenia has a rich and ancient history, with a heritage dating back thousands of years. It is known for being one of the world's oldest Christian nations, with Christianity officially adopted as the state religion in 301 AD. Armenia declared its independence from the Soviet Union in 1991, following the dissolution of the USSR. Since gaining independence, Armenia has faced political and economic challenges, along with efforts to strengthen democratic institutions and its international relationships.

A look at the market

Armenia's primary exports include Copper Ore ($844 million), Gold ($256 million), Hard Liquor ($246 million), Ferroalloys ($242 million), and Rolled Tobacco ($238 million). These exports are primarily directed towards Russia ($789 million), China ($443 million), Switzerland ($364 million), India ($249 million), and Bulgaria ($199 million).

On the import side, Armenia's major imports consist of Petroleum Gas ($430 million), Refined Petroleum ($313 million), Cars ($124 million), Packaged Medicaments ($110 million), and Broadcasting Equipment ($90.3 million). These imports are mainly sourced from Russia ($1.82 billion), China ($696 million), Iran ($406 million), Georgia ($255 million), and Germany ($225 million).

Armenia, as a member of the Eurasian Economic Union (EEU) and the Commonwealth of Independent States (CIS), is also actively exploring trade opportunities with the European Union (EU) and the United States (US). The country provides a favorable environment for businesses to thrive and maintains a stable monetary system. However, it faces challenges related to its demand-driven economy, high unemployment rates, and its heavy reliance on copper and gold exports. Additionally, Armenia benefits from a sizable diaspora and remittances.

SkyMinder: Know your Business Partner

SkyMinder is the business information platform powered by CRIF, giving access to in-depth credit and financial data on companies all over the world. Thanks to our international presence and long-standing experience with local information providers, every country is available on SkyMinder, without data accessibility limits or updating issues. If you are evaluating the possibility of doing business with a company located in Armenia, SkyMinder can help you assess your potential partner.