Trading Partner Portal: Armenia
Overview
Trade Overview
Armenia is a democratic nation-state – bordered by Turkey to the west, Georgia to the north, and Iran to the south – that has an ancient cultural heritage. The modern Republic of Armenia became independent in 1991 during the dissolution of the Soviet Union. Today, Armenia is a member of the Eurasian Economic Union, Council of Europe, and the Collective Security Treaty Organization.
Armenia ranks 32nd on the 2021 Economic Freedom Index ahead of countries like France, Portugal and Italy. The Velvet Revolution, which took place in 2018, brought full democracy to Armenia and a new interest in trade and investment.
Armenia’s population was approximately 3 million in 2023. In this same year, Armenian GDP was $25 billion, with GDP per capita equaling $8,283. The Armenian government has been working closely with the Overseas Private Investment Corporation (OPIC) with interest in the high tech and electronics sectors, as well as agriculture, food processing, and textiles.
U.S. – Armenia Trade
U.S. exports to Armenia totaled $189 million in 2023. $93 million of the total was made up of transportation equipment, this was followed by computer and electronic products at $27 million, used or secondhand merchandise at $21 million, chemicals at $10 million, and non-electrical machinery at $9 million.
Imports from Armenia to the U.S. in 2023 totaled $ 133 million. Of this, $79 million was made up of miscellaneous manufactured commodities, followed by computer and electronic products ($13 million), beverage and tobacco products ($11 million), and apparel and accessories ($9 million), and processed foods ($9 million). (Trade Stats Express)
California – Armenia Trade
California exports to Armenia in 2023 totaled $42 million, being the top exporting state for Armenia. Exports were made up of $14 million of transportation equipment, followed by miscellaneous manufactured commodities, computers and electronic products, and used or secondhand merchandise. California was the top exporting state to Armenia in 2021. (Trade Stats Express)
Imports from Armenia into California totaled $24 million in 2023. $9 million of imports were made up of beverage and tobacco products, followed by processed foods at $7 million. Other imports included miscellaneous manufactures ($3 million), computer and electronic products ($2 million), and apparel and accessories ($1 million).
There are 8 million Armenians that live abroad, including 1.5 million in the U.S., with 700,000 Armenians in California alone.
FDI – Armenia
U.S. foreign direct investment (FDI) into Armenia in 2023 totaled $5 million. (Bureau of Economic Analysis)
More Articles:
California Partners with Impact Hub Yerevan on Trade and Services Desk
Governor’s Office of Business and Economic Development, June 1, 2021
Trade Agreements and Issues
Framework Agreement Between California and The Republic of Armenia
On September 24, 2019 California Governor Gavin Newsom and the Prime Minister of Armenia Nikol Pashinyan signed an agreement to make a Trade and Services Desk in Armenia to promote two-way trade and investment for businesses in Armenia and California. Teh Agreement was signed in New York City at a meeting with the Governor, Prime Minister Pashinyan, Armenia’s Minister of Foreign Affairs Zohrab Mnatsakanyan, Armenian Ambassador to the United States Varuzhan Nersesyan, Armenia’s High Commissioner for Diaspora Affairs Zareh Sinanyan, Armenia’s Consul General in Los Angeles Armen Baibourtian and Senator Anthony Portantino (D-La Cañada Flintridge).
See a copy of the agreement here.
California Governor Gavin Newsom Signs Agreement to Promote Trade and Investment with Armenia | Governor of California
Governor of California, September 24, 2019
Events
Events
On July 8, 2019, CalChamber Vice President of International Affairs, Susanne Stirling, met with Consul General of Armenia in Los Angeles, Ambassador Armen Baibourtian, at the CalChamber offices in Sacramento.
