China accounts for 10% of Armenian exports
According to the National Statistical Service, Armenia's exports to China surged by 30% in the first 7 months of 2015 to $105.9 million, while imports decreased by 27.3% to $164.6 million.
"Because of the weak ruble the export of Armenian wines and brandy to Russia has become less profitable. However, these products are becoming popular in China ", he said.
According to Safaryan, Armenian exports to Russia from January to May amounted to $3.5 million, but they rose to $107 million in the first 7 months.
According to Safaryan, the drop in imports is an indicator of declining consumption ability of Armenia.
Safaryan noted with regret that the rise in exports is due to the growing exports of copper concentrate and cigarettes.
"We should become a country that offers finished products, not raw materials. This was also declared by Armenian president who has repeatedly said that we should build a copper smelter, and instead of selling concentrate, sell pure copper, which is more profitable,’ Safaryan added.
He said, "We need to make maximum use of all available resources for the production of finished products,"
According to Safaryan, the current year is very favorable for agriculture and therefore, supporting rural workers is also an important task.
According to official statistics, Armenia’s foreign trade in the first seven months of 2015 dropped by almost 20% form the year before to $2.657.3 billion. Exports rose by 0.1% to about $847 million, while imports fell by 26.7% to about $1.810.3 billion. -0-