According to the study REGIONAL AND INTERNATIONAL TRADE OF ARMENIA: PERSPECTIVES AND POTENTIALS authors investigated the trade potential of Armenia for different product groups by employing a gravity model of trade approach. The study explored Armenia's trade flows to 139 countries for the period of 2003 to 2007. According to the results of the paper, the authors concluded that "Armenia has exceeded its export potential almost with all the CIS countries". In addition, the authors concluded that the most perspective product groups of Armenian export tend to be "Industrial products", "Food and beverages" and "Consumer goods". On the other hand, the paper “The effects of exchange rate volatility on exports: evidence from Armenia” analyzes the effect of Armenian floating exchange rate regime and exchange rate volatility on Armenian exports to Russia. According to the paper exchange rate volatility has long-run and short-run negative effects on exports. Moreover, authors stated that high exchange rate risk resulted in decreasing exports to Russia.