Iran is Armenia’s sixth largest trading partner.

4.1% of Armenia’s overall trade in goods is with Iran.

During the first eleven months of 2017, according to Armenia’s National Statistical Service, trade between the two neighboring countries amounted to US$237 million, up 7.8% from the same period in 2016.

Armenia imports more from Iran than it exports - $163 million as opposed to $74 million.

Armenian imports from Iran are up 9.4%. Conversely, Iranian imports from Armenia rose by 4.4%.

Armenia mainly exports electricity to Iran. As payment, Armenia receives natural gas. According to the trade agreement, for every 1 cubic meter of Iranian natural gas, Armenia must allocate 3 kW per hour of electricity.

We calculate that 15-20% of the electricity yearly produced in Armenia is exported to Iran. Armenia also exports sheep and goat meat to Iran.

Armenia, on the other hand, imports a wide variety of goods from Iran; 300 various classifications.

Natural gas comprises 30-40% of imports, followed by oil products, iron ore, glass, fertilizer, etc.

Iranian Investment in Armenia Next to Nothing

According to the NSS, Iranian investment in Armenia totaled AMD 117 million ($241,000 at today’s exchange rate) during the first nine months of 2017. (All in direct investment)

That’s a mere 0.01% of overall investment in Armenia. Compared to the same period in 2016, total Iranian investment dropped AMD 122 million, while direct investment grew by AMD 90 million.

More Iranians Travelling to Armenia

While more Iranians are travelling to Armenia, not all are classified as tourists (someone travelling another country for a stay of not less than 24 hours or more than one year at a time). Otherwise, they’re called “visitors”. A tourist, according to the U.N. WTO definition, also doesn’t travel for work.

According to Armenia’s State Committee on Tourism (Ministry of Economic Development and Investments), 180,620 individuals from Iran entered Armenia from January 1 to September 30, 2017.

What remains unclear is how many of these people came as tourists. Armenian state agencies don’t make the distinction.

Over the past nine years, 2016 saw a high of 188, 851 arrivals from Iran, and 2009 a low of 87,214.