Armenia has maintained a trade deficit since independence in 1991. According to the CIA World Factbook , Armenia exported US$240 million in 1999, an increase of almost 5 percent compared to 1998. The country has also diversified its trading partners and now trades with an increasing number of Western nations. Armenia imported US$782 million in 1999, a decrease of about 6.5 percent compared to 1998, but still 3 times the amount of 1993. Until the nation's economy recovers, this deficit will continue.
Belgium is Armenia's largest export partner, importing a total value of US$84 million, followed by Russia and Iran, both of which imported US$34 million in 1999. In fourth place was the United States, importing US$16 million, and in fifth came Georgia with US$11 million. Most of the Armenian exports, US$127 million, went to industrial countries, and US$97 million went to developing countries, according to the IMF.
Armenia's main import partner was Russia, accounting for US$181 million in 1999. Second came the United States, exporting US$86 million in 1999. The
|Trade (expressed in millions of US$): Armenia|
|SOURCE: United Nations. Monthly Bulletin of Statistics (September 2000).|
|Exchange rates: Armenia|
|dram per US$1|
|SOURCE: CIA World Factbook 2001 [ONLINE].|
United States was followed by Belgium, which exported US$85 million, then Iran with US$78 million, and in fifth was the United Kingdom, exporting US$67 million. Of Armenia's total imports, US$368 million came from industrial countries and US$451 million came from developing countries, according to the IMF's Direction of Trade Statistical Yearbook 2000 .