Armenia aluminium foil export during 2019-20 exemplifies remarkable growth; 3% downfall anticipated in 2021
The Armenian economy depends on manufacturing, services, remittances, and agriculture. According to UN trade data, aluminium foil accounts for almost half of Armenian exports to the U.S. The aluminium foil is manufactured by a facility in Yerevan known as Armenal, which is owned by Russian aluminium giant Rusal. However, The Biden administration slapped a new tariff on Armenia’s aluminium foil export to the United States as an anti-dumping duty in May-June 2021.
The former Soviet Republic, Armenia exported 83,218 tonnes of aluminium foil during 2019-20, incurring revenue generation of around $206.81 million from the export.
Armenia exported 37,421 tonnes of aluminium foil in 2019, which generated foreign revenue of $96.30 million, whereas, in 2020, the export soared by 22.38%, as the export volume climbed to 45,797 tonnes and the earnings also inflated to $110.51 million.
The export for 2021 is anticipated with a marginal downfall of 2.76%, as the export volume is expected to drop at 44,532 tonnes, while the earnings might stand around $105 million.
The major trading destinations for the Armenian export of aluminium foils are USA, Austria, Belgium, Canada, Czech Rep., France, Germany, Hungary, etc.
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