Armenia Musical Instrument Industry Outlook 2021

Key Market Indicators

Armenia's exports of musical instruments have dropped by 20.2% in 2021, to $5.3 million, compared to the previous year. This is a 20.6% decline since 2002. Armenia now ranks 109th in the world, behind Guyana, which exports $5.3 million worth of musical instruments. Germany, the United States and Japan are the 2nd, 3rd and 4th largest exporters, respectively. Imports of musical instruments to Armenia are expected to reach $1.09 million by 2026, from $920,390 in 2021, a 2.9% year-on-year increase. Since 2002, Armenia's demand for musical instruments has grown 7.5% every year. In 2021, Armenia is 97th in the world for imports, behind Mongolia, which imports $920,390 worth of musical instruments. Germany, China and Japan are the 2nd, 3rd and 4th biggest importers, respectively.

Armenia Musical Instrument Market Data and Forecasts

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