Armenia records over 20-percent decrease in foreign trade
By Laman Sadigova
Armenia’s foreign trade turnover decreased by 20.6 percent in January-December, 2015 compared to the same period in 2014.
The Armenian National Statistics Service reported that export volume for the reporting period amounted to $1.5 million, decreasing by 3.9 percent compared to the same period in 2014.
The negative trade balance has an important place in the overall number of characteristics of a “sick” economy, such as lack of a competitive business environment, development of big business at the expense of small and medium-sized business, a once-and-for-all established monopoly setup, and a reduction of the volume of transfers from Russia, so important for Armenia.
The statistics prove worsening of the economic crisis in Armenia, which pose definite threats for all fields of life. Unstable situation in the world hits Armenia even stronger than experts predicted due to the fact that this post-Soviet country lacks any economic scenario for crisis.
Armenia is one of the few countries where imports exceed exports by 3 times. The government once again failed to keep its promise in 2015 to substantially increase exports and to develop import substitution.
Resolution of this problem could strengthen both the national currency and reduce the growing unemployment. However, nothing is done to improve the situation and Armenia is on the way to the abyss.
Armenia's foreign trade turnover with the CIS member states declined by 17.3 percent to $1.149.8 billion (29.5 percent of the total trade), while trade with Russia fell by 14.8 percent to $989.7 million.
When entering the EEU, the Armenian government promised that the volume of foreign trade turnover will increase. However, the country’s economy shows the opposite trend and all the promises made by the Armenian officials, once again turned into a lie.
Yerevan’s aggressive foreign policy does not allow the country to improve its economy and join huge regional projects. Armenians are mainly surviving thanks to the international transfers, which reduced by several times, especially from Russia – by 30 percent.
Meanwhile Armenia's external debt exceeded $5 billion, an enormous number that is threatening to completely destroy this small South Caucasus country.
This once again shows a huge gap between the statements made by the government about the stable situation in the country’s economy and the real situation in the country.
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