45.3% Growth in Trade With Armenia 

Trade turnover between Armenia and Iran in the first 10 months of 2022 increased by 45.3% to reach $565.6 million, Armenian Deputy Economy Minister Armen Arzumanyan told reporters after discussing the prospects of business cooperation with Iran at the Economy Ministry on Tuesday.

According to Arzumanyan, a stable growth has been recorded this year compared to 2021, which has been achieved thanks to the work of trade attaches of the two countries.  
"This indicator shows that business cooperation is developing in a positive way," he was quoted as saying by News.am.
The deputy minister expressed hope that the growth trajectory will continue in December. 
Arzumanyan noted that the indicator has improved mainly because of the export of Armenian products and the fact that Armenia can increase its volumes. 
"Armenian products are of high quality and appeal to the taste of Iranian consumers. In order to compete in a market of 80 million people, we need to find our place," he said.
“The leaders of the two countries have set a goal of increasing trade turnover to $3 billion, for which a discussion with representatives of business circles was organized at the ministry.”
According to Armenia’s National Statistical Committee, trade turnover between Armenia and Iran in January-October 2022 amounted to $565.5 million, an increase of 45.3%. Armenian exports to Iran totaled $92 million, an increase of 82.4% year-on-year, while imports from Iran grew by 39.1% to $474.3 million.
“Armenia and Iran are concentrating efforts on joint sales of goods to third countries,” Armenian Economy Minister Vahan Kerobyan had said earlier this month.
"There are problems with exports to Iran. We understand that there are certain limitations with Iran. Their economy is called ‘resistance economy’ and they have little interest in importing goods. We really want the trade to be bilateral, but we understand that you can't force them to buy what they don't want," Kerobyan was quoted as saying by ARKA news agency.
He noted that because of this, the parties are focusing on areas that have potential. 
"Using Armenia's transport and communication links, Iranian goods, after undergoing some processing in Armenia, are sent to the Eurasian Economic Union member states and other countries. We are concentrating our efforts on joint sales of goods to third countries,” he added. 
According to the National Statistical Committee of Armenia, Iran is one of Armenia’s top trade partners.