{
  "template": "Corridor pair risk profile",
  "pageType": "Corridor pair risk profile",
  "source": "api",
  "generatedAt": "2026-08-29T11:48:05.768Z",
  "seo": {
    "title": "Armenia exports to Belgium: Trade Route Risk | Yugalinks",
    "description": "Understand reported exports from Armenia to Belgium, the product routes that need a closer look, and the conditions that may affect planning."
  },
  "publisher": {
    "name": "Yugalinks",
    "url": "https://www.yugalinks.com",
    "email": "support@yugalinks.com",
    "linkedin": "https://in.linkedin.com/company/yugalinks"
  },
  "exporter": {
    "iso3": "ARM",
    "country_name": "Armenia"
  },
  "importer": {
    "iso3": "BEL",
    "country_name": "Belgium"
  },
  "latestYear": 2024,
  "risk": {
    "exporter_iso3": "ARM",
    "importer_iso3": "BEL",
    "all_history_lane_count": 33,
    "current_lane_count": 9,
    "current_product_count": 9,
    "first_observed_last_year": 1999,
    "latest_data_year": 2024,
    "current_trade_usd": 109243795.28410602,
    "attention_trade_usd": 0,
    "critical_trade_usd": 0,
    "high_volatility_trade_usd": 76593522.05368868,
    "unrecovered_drawdown_trade_usd": 32899397.1162241,
    "declining_demand_trade_usd": 0,
    "concentrated_market_trade_usd": 513360.38581899786,
    "access_friction_trade_usd": 0,
    "buyer_macro_weakness_trade_usd": 0,
    "critical_lane_count": 0,
    "high_attention_lane_count": 0,
    "high_volatility_lane_count": 5,
    "unrecovered_drawdown_lane_count": 5,
    "declining_demand_lane_count": 0,
    "concentrated_market_lane_count": 2,
    "access_friction_lane_count": 0,
    "trade_weighted_volatility_cv": 1.435705632154493,
    "trade_weighted_below_peak_pct": 22.184562056534578,
    "product_concentration_hhi": 5457.026060900146,
    "top1_product_share_pct": 68.82493909877286,
    "top3_product_share_pct": 98.07690266173998,
    "top_product_hs6": "261390",
    "top_product_trade_usd": 75186975.57347406,
    "top_product_description": "Molybdenum ores and concentrates: other than roasted",
    "top_attention_product_hs6": "",
    "top_attention_product_reason": "",
    "distance_km": 3299.88623046875,
    "shares_land_border": 0,
    "shares_official_language": 0,
    "common_spoken_language_score": null,
    "has_reported_fta": 1,
    "avg_applied_tariff_pct": 2.0896036062988506,
    "avg_mfn_tariff_pct": 4.883497429885058,
    "avg_preferential_tariff_pct": 1.8055837943014637,
    "tariff_advantage_pp": 3.0779136355835948,
    "buyer_biz_entry_days": 5,
    "buyer_biz_entry_cost_pct": null,
    "buyer_gdp_mn_latest": 599879.025378,
    "buyer_gdp_pc_latest": 51768,
    "buyer_population_latest": 11587.882,
    "buyer_gdp_5y_cagr_pct": 4.5783569491818055,
    "buyer_gdp_pc_5y_cagr_pct": 3.918136849252618,
    "buyer_population_5y_cagr_pct": 0.6353271141561478,
    "buyer_investment_5y_avg_pct": 23.874000000000002,
    "buyer_savings_5y_avg_pct": 24.938,
    "buyer_macro_resilience_label": "Buyer macro trend resilient",
    "attention_trade_share_pct": 0,
    "critical_trade_share_pct": 0,
    "risk_driver_labels": [
      "high_volatility",
      "unrecovered_drawdown",
      "concentrated_product_mix",
      "concentrated_buyer_markets"
    ],
    "attention_level": "Stable",
    "primary_risk_reason": "Volatile products account for the largest observed corridor exposure",
    "buyer_gdp_mn_2024": 599879.025378,
    "buyer_gdp_pc_2024": 51768,
    "buyer_population_2024": 11587.882
  },
  "history": [
    {
      "year": 1999,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 81161594.08461577,
      "yoy_growth_pct": null,
      "cagr_3y_pct": null
    },
    {
      "year": 2000,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 77786673.51010686,
      "yoy_growth_pct": -4.158272903056037,
      "cagr_3y_pct": null
    },
    {
      "year": 2001,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 38143135.71169947,
      "yoy_growth_pct": -50.96443389272392,
      "cagr_3y_pct": null
    },
    {
      "year": 2002,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 86220177.64533624,
      "yoy_growth_pct": 126.04375869100433,
      "cagr_3y_pct": 2.035848818633612
    },
    {
      "year": 2003,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 119898347.35731217,
      "yoy_growth_pct": 39.06065915395109,
      "cagr_3y_pct": 15.51436607651009
    },
    {
      "year": 2004,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 106926341.70841476,
      "yoy_growth_pct": -10.819169683998398,
      "cagr_3y_pct": 41.00118799435519
    },
    {
      "year": 2005,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 117075443.56638263,
      "yoy_growth_pct": 9.491675947956946,
      "cagr_3y_pct": 10.73518431334426
    },
    {
      "year": 2006,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 106894191.31582235,
      "yoy_growth_pct": -8.69631746881867,
      "cagr_3y_pct": -3.754528807755275
    },
    {
      "year": 2007,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 98317574.86784506,
      "yoy_growth_pct": -8.023463522575703,
      "cagr_3y_pct": -2.7591343427168624
    },
    {
      "year": 2008,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 86846533.35771973,
      "yoy_growth_pct": -11.667335698164127,
      "cagr_3y_pct": -9.476314901748761
    },
    {
      "year": 2009,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 43482906.612330854,
      "yoy_growth_pct": -49.93132721461048,
      "cagr_3y_pct": -25.90512775295064
    },
    {
      "year": 2010,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 66581735.325513944,
      "yoy_growth_pct": 53.12162988348332,
      "cagr_3y_pct": -12.183797872688395
    },
    {
      "year": 2011,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 70968984.3315807,
      "yoy_growth_pct": 6.589268039677498,
      "cagr_3y_pct": -6.5085201523721
    },
    {
      "year": 2012,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 106412497.76935677,
      "yoy_growth_pct": 49.94225825774423,
      "cagr_3y_pct": 34.75907569191436
    },
    {
      "year": 2013,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 113767017.21354811,
      "yoy_growth_pct": 6.91133052823536,
      "cagr_3y_pct": 19.551148849044587
    },
    {
      "year": 2014,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 53068807.50176674,
      "yoy_growth_pct": -53.35308176169098,
      "cagr_3y_pct": -9.23391998577019
    },
    {
      "year": 2015,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 35029771.19180818,
      "yoy_growth_pct": -33.991787566279896,
      "cagr_3y_pct": -30.952458284461304
    },
    {
      "year": 2016,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 31515317.871275406,
      "yoy_growth_pct": -10.032761279795732,
      "cagr_3y_pct": -34.81188244492491
    },
    {
      "year": 2017,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 20176335.825240728,
      "yoy_growth_pct": -35.97927234098939,
      "cagr_3y_pct": -27.556238902267538
    },
    {
      "year": 2018,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 28272387.79045015,
      "yoy_growth_pct": 40.12647308874195,
      "cagr_3y_pct": -6.894558716934607
    },
    {
      "year": 2019,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 30856909.37942214,
      "yoy_growth_pct": 9.14150445349009,
      "cagr_3y_pct": -0.7012965933170578
    },
    {
      "year": 2020,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 24523665.776205502,
      "yoy_growth_pct": -20.52455586313564,
      "cagr_3y_pct": 6.7204620616302835
    },
    {
      "year": 2021,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 37905054.71361775,
      "yoy_growth_pct": 54.56520676609353,
      "cagr_3y_pct": 10.266827493320484
    },
    {
      "year": 2022,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 76346888.31863408,
      "yoy_growth_pct": 101.41611427672133,
      "cagr_3y_pct": 35.252812685535595
    },
    {
      "year": 2023,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 141767425.95594966,
      "yoy_growth_pct": 85.68854484845889,
      "cagr_3y_pct": 79.47213193415558
    },
    {
      "year": 2024,
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "export_value_usd": 110214849.590224,
      "yoy_growth_pct": -22.25657703309769,
      "cagr_3y_pct": 42.72969184647657
    }
  ],
  "riskLanes": [
    {
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "hs_code": "261390",
      "hs_description": "Molybdenum ores and concentrates: other than roasted",
      "buyer_imports_latest_usd": 460561427.6706859,
      "current_below_peak_pct": 0,
      "lane_volatility_cv": 1.7867573111000579,
      "attention_level": "Watch",
      "primary_risk_reason": "Trade has varied substantially across reported years",
      "risk_driver_labels": [
        "high_volatility"
      ]
    },
    {
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "hs_code": "710239",
      "hs_description": "Diamonds: non-industrial, (other than unworked or simply sawn, cleaved or bruted), but not mounted or set",
      "buyer_imports_latest_usd": 4213743687.264604,
      "current_below_peak_pct": 74.0776639762081,
      "lane_volatility_cv": 0.6139035334821605,
      "attention_level": "Watch",
      "primary_risk_reason": "Current trade remains more than 50% below its historical peak",
      "risk_driver_labels": [
        "unrecovered_drawdown"
      ]
    },
    {
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "hs_code": "260800",
      "hs_description": "Zinc ores and concentrates",
      "buyer_imports_latest_usd": 531599839.0493289,
      "current_below_peak_pct": 64.66047343050712,
      "lane_volatility_cv": 0.7339225864594218,
      "attention_level": "Watch",
      "primary_risk_reason": "Current trade remains more than 50% below its historical peak",
      "risk_driver_labels": [
        "unrecovered_drawdown"
      ]
    },
    {
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "hs_code": "760711",
      "hs_description": "Aluminium: foil, (not backed), rolled (but not further worked), of a thickness not exceeding 0.2mm",
      "buyer_imports_latest_usd": 89538349.8294673,
      "current_below_peak_pct": 63.793780780593536,
      "lane_volatility_cv": 1.2650922947717385,
      "attention_level": "Watch",
      "primary_risk_reason": "Current trade remains more than 50% below its historical peak",
      "risk_driver_labels": [
        "high_volatility",
        "unrecovered_drawdown"
      ]
    },
    {
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "hs_code": "681599",
      "hs_description": "Stone articles and articles of other mineral substances: n.e.s. or included in heading no. 6815",
      "buyer_imports_latest_usd": 58785007.27931797,
      "current_below_peak_pct": 33.42435099827683,
      "lane_volatility_cv": 0.6765658254308832,
      "attention_level": "Watch",
      "primary_risk_reason": "The lane has limited historical coverage",
      "risk_driver_labels": [
        "limited_history"
      ]
    },
    {
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "hs_code": "220820",
      "hs_description": "Spirits obtained by distilling grape wine or grape marc",
      "buyer_imports_latest_usd": 35001632.38219873,
      "current_below_peak_pct": 0,
      "lane_volatility_cv": 1.9601859774425383,
      "attention_level": "Watch",
      "primary_risk_reason": "Trade has varied substantially across reported years",
      "risk_driver_labels": [
        "high_volatility",
        "concentrated_buyer_market",
        "dominant_supplier"
      ]
    },
    {
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "hs_code": "200190",
      "hs_description": "Vegetable preparations: vegetables, fruit, nuts and other edible parts of plants, prepared or preserved by vinegar or acetic acid (excluding cucumbers and gherkins)",
      "buyer_imports_latest_usd": 40826452.69880586,
      "current_below_peak_pct": 74.94134509130022,
      "lane_volatility_cv": 1.0769227837681927,
      "attention_level": "Watch",
      "primary_risk_reason": "Current trade remains more than 50% below its historical peak",
      "risk_driver_labels": [
        "high_volatility",
        "unrecovered_drawdown"
      ]
    },
    {
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "hs_code": "811292",
      "hs_description": "Gallium, germanium, hafnium, indium, niobium (columbium), rhenium and vanadium: articles thereof, unwrought, including waste and scrap, powders",
      "buyer_imports_latest_usd": 29970303.39154136,
      "current_below_peak_pct": 70.03925300441082,
      "lane_volatility_cv": 0.5272993294012592,
      "attention_level": "Watch",
      "primary_risk_reason": "Current trade remains more than 50% below its historical peak",
      "risk_driver_labels": [
        "unrecovered_drawdown",
        "concentrated_buyer_market",
        "dominant_supplier",
        "limited_history"
      ]
    },
    {
      "exporter_iso3": "ARM",
      "importer_iso3": "BEL",
      "hs_code": "220600",
      "hs_description": "Beverages, fermented: (eg cider, perry, mead)",
      "buyer_imports_latest_usd": 12537799.826083926,
      "current_below_peak_pct": 0,
      "lane_volatility_cv": 1.0956096012050558,
      "attention_level": "Watch",
      "primary_risk_reason": "Trade has varied substantially across reported years",
      "risk_driver_labels": [
        "high_volatility"
      ]
    }
  ],
  "accessProfile": {
    "year": 2024,
    "exporter_iso3": "ARM",
    "importer_iso3": "BEL",
    "distance_km": 3306,
    "shares_land_border": 0,
    "shares_official_language": 0,
    "shares_ethnic_language": 0,
    "shared_religion": 0,
    "shared_legal_system": 1,
    "shared_colonial_history": 0,
    "has_fta": 1,
    "rta_coverage_ratio": 3,
    "exporter_is_wto": 1,
    "importer_is_wto": 1,
    "exporter_is_eu": 0,
    "importer_is_eu": 1,
    "importer_gdp_million_usd": 599879.0253780001,
    "importer_gdp_per_capita_usd": 51767.78857240694,
    "importer_population": 11587.882,
    "importer_biz_entry_days": 5,
    "importer_biz_entry_cost_pct": 5.3,
    "exporter_gdp_million_usd": 13861.183874,
    "exporter_gdp_per_capita_usd": 4670.008798138086,
    "avg_applied_tariff_pct": 2.0896036062988506,
    "avg_mfn_tariff_pct": 4.883497429885058,
    "avg_preferential_tariff_pct": 1.8055837943014637,
    "tariff_advantage_pp": 3.0779136355835948
  },
  "sourceAttribution": {
    "publisher": "OECD",
    "dataset": "Balanced international merchandise trade statistics (BIMTS) - HS2017-6D",
    "year": 2025,
    "citation": "OECD (2025), Balanced international merchandise trade statistics (BIMTS) - HS2017-6D, OECD Data Explorer (accessed on 2026-08-29)",
    "sourceUrl": "https://data-explorer.oecd.org/",
    "dataflowUrl": "https://sdmx.oecd.org/sti-public/rest/dataflow/OECD.SDD.TPS/DSD_BIMTS_6D@DF_BIMTS_HS2017_6D/1.0",
    "termsUrl": "https://www.oecd.org/termsandconditions/",
    "terms": "OECD Terms & Conditions",
    "accessed": "2026-08-29",
    "supportingSources": [
      {
        "publisher": "CEPII",
        "dataset": "BACI bilateral trade flows",
        "release": "202601",
        "citation": "Gaulier, G. and Zignago, S. (2010), BACI: International Trade Database at the Product-Level. The 1994-2007 Version, CEPII Working Paper No. 2010-23.",
        "sourceUrl": "https://www.cepii.fr/DATA_DOWNLOAD/baci/doc/baci_webpage.html",
        "datasetUrl": "https://www.cepii.fr/CEPII/en/bdd_modele/bdd_modele_item.asp?id=37",
        "licenseUrl": "https://www.etalab.gouv.fr/wp-content/uploads/2018/11/open-licence.pdf",
        "license": "Etalab 2.0 Open Licence",
        "accessed": "2026-08-29"
      }
    ]
  },
  "links": {
    "canonical": "https://www.yugalinks.com/trade/corridor/ARM-BEL/risk",
    "html": "https://www.yugalinks.com/trade/corridor/ARM-BEL/risk/index.html",
    "markdown": "https://www.yugalinks.com/trade/corridor/ARM-BEL/risk/index.md",
    "json": "https://www.yugalinks.com/trade/corridor/ARM-BEL/risk/index.json",
    "jsonLd": "https://www.yugalinks.com/trade/corridor/ARM-BEL/risk/index.ld.json",
    "home": "https://www.yugalinks.com/",
    "tradeHub": "https://www.yugalinks.com/trade/",
    "dataSources": "https://www.yugalinks.com/data-sources",
    "methodology": "https://www.yugalinks.com/methodology",
    "workspace": "https://www.yugalinks.com/app/corridors",
    "contact": "https://www.yugalinks.com/contact",
    "email": "mailto:support@yugalinks.com",
    "linkedin": "https://in.linkedin.com/company/yugalinks"
  }
}