On January 16, an analysis by the Ministry of Economy of Armenia suggested that Armenian aluminum foil, which has faced challenges in its export to the United States, may explore new markets. The export of aluminum foil from Armenia amounted to approximately $132 million in 2022, with imports at $99 million. The export of these products has been growing at about 7% annually, aligning with global trends in the aluminum products market, which has seen an average growth of 8.5% per year since 2015.

The United States was historically one of the key markets for Armenian foil. However, due to unprecedented anti-Russian sanctions and anti-dumping duties imposed on foil from Armenia by the West, exports to the United States almost ceased in 2022, dropping from an average of $25 million per year in 2018-2021 to only $1 million.

The European Union remained a significant market for the Rusal-Armenal aluminum foil plant, with exports in 2022 totaling $59 million to Germany, $19 million to Poland, and $12 million each to Italy and the Netherlands. The analysis suggests that the world market for aluminum products, including foil, is expected to continue growing steadily.

Despite the challenges in the U.S. market, the Armenian economic department estimates growth in the domestic market and notes that Rusal-Armenal is not currently catering to local demand. The analysis highlights that Armenia has seen increased production in other sectors, such as cigarettes (over $350 million annually), confectionery ($96 million), and medicines (almost $20 million). The demand for packaging foil in these sectors is estimated at $10.4 million annually, currently being met through imports.