Key Market Indicators
Armenia's nickel exports for 2023 saw a steep decline, amounting to approximately $514,000, a significant drop from $949,000 in 2022. This represents a 45.8% decrease compared to the previous year. Despite this downturn, Armenian nickel supply has seen a robust increase of 63.5% annually since 2019. In the global ranking for nickel exports in 2023, Armenia placed 69th. Ivory Coast edged slightly ahead with similar export figures. Leading the pack were Canada, Russia, and Malaysia, securing the second, third, and fourth positions, respectively. On the import front, Armenia’s nickel imports are projected to decrease over the next five years. By 2028, imports are expected to drop to around $79,550, down from $106,180 in 2023. This indicates an average annual decline rate of 4.6%. Since 2002, the country's demand for nickel has been on a gradual decline, with a year-on-year decrease of 0.2%.
