Armenia’s Foreign Trade Grows by 38.5% in First Quarter of 2022

YEREVAN — In the first quarter of 2022 Armenia’s foreign trade grew by 38.5% from the same time span of 2021 to over $2 billion, the National Statistical Committee (NSC) said. According to it, the foreign trade in March 2022 was worth $225.5 million, an increase of 15.6% compared to March 2021, and a decrease of 12.2% compared to February 2022.

The foreign trade with several former Soviet republics making the Commonwealth of Independent States (CIS) grew by almost 40% to over $690.6 million. The largest foreign trade partners were Russia – $634.2 million, an increase of 40.6%, Ukraine -about $24.6 million, a decrease of 5.4% and Belarus -about $16.4 million, a rise of 73.2%.

Armenia’s foreign trade turnover with EU countries amounted to about $407.7 million having increased by 26.8% from the first quarter of 2021. The five largest trade partners were Germany – $87.8 million, 23.6% growth, the Netherlands – $63 million, 85.5% increase, Italy -$59.1 million, 7.9% increase, Bulgaria -$50.9 million, 10.5% decrease and Belgium -$29.4 million, 72.1% increase.

Armenia’s trade with China upped by 39.3% to $312.7 million; trade with Iran grew by 37.4% to $140.2 million, trade with Switzerland stood at $81.4 million. The trade with the USA grew by 60.7% to $65.2 million, trade with Iraq doubled to $51.6 million, the trade with Georgia grew by 45.7% to $44.7 million, trade with the UAE upped by 9.7% to $29.6 million and that with Japan grew by 2.7 times to $17.2 million.

Exports

Armenian exports in the 1st quarter of 2022 rose by 26.9% to about $731.8 million. Exports to the CIS countries amounted to about $203.2 million, having increased by 22.8% compared to the same period last year. Exports to Russia grew by 23.3% to $186.2 million, exports to Belarus grew by 43.3 % to about $4.9 million and exports to Turkmenistan upped 48 times to $3.4 million.

Exports to the EU countries in January-March this year increased by 40% compared to January-March 2021, amounting to $178.1 million. The first three countries in terms of Armenian exports were the Netherlands -$55.5 million, up 99.5%, Bulgaria – $46.8 million, down 11.1% and Germany -$27, 4 million, up 52%.

According to statistical data, the bulk of exports were mining industry goods – $246.3 million -12% growth compared to the first quarter of 2021, finished food products – about $135.8 million -20.3% growth, non-precious metals and products – over $102.2 million -up 52.5%, precious and semi-precious stones, precious metals and articles – $94.7 million -up 52.2%, textile products – $41.9 million -up 14.3%.

Imports

Imports into Armenia in January-March 2022 totaled $1,366,237,600, an increase of 45.6% compared to January-March 2021. Imports from CIS countries totaled $516.4 million, an increase of 42.9%. The top three leading exporters to Armenia were Russia -$475.3 million, up 44.6%, Ukraine -$22.7 million, down 0.9% and Belarus -$12.3 million, up 86.8%.

Imports from the EU countries rose by 13.4% to $241.4 million. The first three exporters to Armenia were Germany -$63.2 million, up 7.7%, Italy -$37.6 million, down 4.1% and the Netherlands -$19.2 million, up 42.4%

Imports from China grew by 73.5% to $156 million, imports from Iran grew by 31% to $116.2 million, imports from Georgia grew by 85/3% to $98.1 million.

The bulk of imported goods were mining industry goods – $284 million -up 35.8%, machinery, equipment and mechanisms – $204.1 million -up 29.2%) chemical products – $125.9 million -up 66.3%, land, air and water vehicles – $55.2 million -up 2.9 times).

Armenia’s trade turnover from January 1 to April 20 surged by $1 billion from same time span of 2021 Armenia’s trade turnover from January 1 to April 20, 2022 surged by $1 billion from the same time span of 2021, Prime Minister Nikol Pashinyan said at a government meeting on Thursday.

“Inflation plays a role here, but all our studies show that inflation may account for 15-20% of the growth. That is, we had a cash turnover of $1 billion more in the first three months plus 20 days in April this year,” he said.

According to the official data of the National Statistical Committee, Armenia’s foreign trade turnover in January-February 2022 soared by 52.4% as opposed to January-February 2021 to over $1.4 bln. The major trade partners were Russia, China and Iran.