Although the government is working to reduce Armenia's large trade deficits by improving export performance, the conflict over the Armenian enclave of Nagorno-Karabakh in Azerbaijan continues to weaken the economy by disrupting normal trade and supply links. Armenia receives large amounts of humanitarian assistance.
The US Central Intelligence Agency (CIA) reports that in 2001 the purchasing power parity of Armenia's exports was $338.5 million while imports totaled $868.6 million resulting in a trade deficit of $530.1 million.
The International Monetary Fund (IMF) reports that in 2001 Armenia had exports of goods totaling $353 million and imports totaling $773 million. The services credit totaled $187 million and debit $204 million. The following table summarizes Armenia's balance of payments as reported by the IMF for 2001 in millions of US dollars.
|Balance on goods||-420|
|Balance on services||-18|
|Balance on income||64|
|Direct investment abroad||…|
|Direct investment in Armenia||70|
|Portfolio investment assets||-6|
|Portfolio investment liabilities||-0|
|Other investment assets||-18|
|Other investment liabilities||131|
|Net Errors and Omissions||12|
|Reserves and Related Items||-19|