YEREVAN, October 10. / ARKA /. Some 88 percent of Armenian exports in 2011 were secured by 25 product items, Gagik Makaryan, the chairman of the Armenian National Union of Employers, told a news conference today.
"Although these numbers refer to the past year, the dynamics has been almost unchanged for several years. Armenian exports are topped by copper, alcohol, ferroalloys and electricity," he said.
Makaryan argued that this fact is a clear indication that Armenia’s exports are still poorly diversified
He recalled Soviet period data when 44 percent of exports were secured by 25 products items.
However, Makaryan said some progress has been observed over the last few years in diversifying exports, in particular, the exports of fresh fruits and vegetables, canned goods and wines have seen a tangible rise.
Makaryan said also that today the mining industry accounts for 67% of exports secured by 25 product items, and the agriculture accounts for about 13%. He said these figures suggest that the government needs to take quick action to promote and facilitate the diversification of Armenian exports.
"More specifically, it must develop ways to stimulate exports, disseminate information to potential exporters on foreign markets, help ensure compliance with European standards and so on," he said.
Makaryan added that a similar situation exists in the field of import, where 55% of all imports are accounted for by 25 different products.
According to the National Statistical Service (ArmStat), exports in January-August this year totaled $921.4 million (368.1 billion drams), an increase of 11.4% compared to the same period of 2011, and imports - $ 2686.8 million (1072.5 billion drams), an increase of 3.6 %.($ 1 – AMD 406.33). -0-