MOSCOW, October 22. /TASS/. An increase in Armenian exports to EU member-countries is unstable by its nature and forecasts based on continuation of such growth are speculative, the Eurasian Rating Agency said in its research.

"It can be noted that growing exports to EU countries in 2025 against 2024 is unstable by nature; a decrease is observed over the two-year interval. Accordingly, forecasts based on extrapolation of such growth are speculative," the research indicates.

At the same time, supplies to Belarus were growing along with the decline of Armenian exports to Russia amid political complications, according to the paper. "It can be assumed that some Armenian producers had to use Belarus as an intermediate trade partner, receiving eventually an increase in costs and lower competitiveness of their products," the research authors said.