Armenia’s Foreign Trade Surges by 36.6% in Five Months to Over $3.9 Billion

YEREVAN — Armenia’s foreign trade in the first five months of 2022 surged by 36.6% from the same time span of 2021 to $3.913 billion, according to the National Statistical Committee (NSC), Arka.am reports.

Armenia’s trade with CIS countries amounted to over $1.3 billion, an increase of 36% compared to the same period of time last year. The largest foreign trade partners were Russia ($1.226 billion, up 39.2% against five months of 2021), Belarus (about $41 million, up 76.3%) and Ukraine ($33.2 million, down 38%).

Armenia’s trade with EU countries amounted to about $772.5 million, a growth of 34.9%. The top five largest trade partners were Germany ($153 million, up 35.4%), Bulgaria ($119 million, up 39.9%), the Netherlands ($119 million, up 74.7%), Italy ($112 million, up 6.6%) and Belgium ($56.4 million, up 63.7%).

Other major trade partners were China ($543.8 million, Iran ($245.8 million, up 33.7%), USA ($128 million, 74.1% growth), Switzerland ($122.6 million, down 16.2%), Georgia ($92 million, up 48.9%), UAE ($90.2 million, up 89.5%), Iraq ($88.3 million, up 65%), and Japan ($31.7 million, up 98.4%).

Armenian exports in the first five months of 2022 rose by 27.5% from January-May 2021, to about $1.4 billion. Armenian exports to CIS countries amounted to $418 million, having increased by 31.8% compared to the same period last year. Russia ($387.2 million, 32.7% increase), Belarus ($13 million, 80.7% increase) and Turkmenistan ($4.8 million, 67 time growth) were the three leading importers of Armenian goods.

Exports to the EU countries in January-May this year rose by 56.6% compared to January-May 2021, amounting to $351 million. The first three countries in terms of exports were Bulgaria ($112.2 million, up 45.7%), the Netherlands ($99.4 million, up 87.6%) and Germany ($46.6 million, up 44.8%).

Exports to e China went down 17.8% to $142.5 million, exports to Switzerland dropped by 12.4% to $114.3 million, exports to Iraq surged by 67.3% to $88 million, exports to the UAE grew by 2.2 times to $74.4 million, and exports to Iran grew by 54.7% to $45.8 million.

The bulk of Armenian exports were mining industry goods ($441.5 million, an increase of 7% compared to the first five months of 2021), finished food products (about $253.1 million, an increase of 17.2%, non-precious metals and products ($190. 1 million, an increase of 54.4%).

Armenian imports in the first five months of 2022 grew by 42% to $2.6 billion. Imports from CIS countries totaled $964 million, an increase of 33.3% over the same period last year. The top three leading exporters to Armenia were Russia ($890.4 million, up 36.7%), Ukraine ($31.1 million, down 33%) and Belarus ($29.5 million, up 63.9%).

Imports from the EU states during the reporting period rose by 28.3%, amounting to $481.2 million. The first three countries by volume of exports to Armenia were Germany ($111.1 million, up 29%), Italy ($75.5 million, up 5.4%) and the Netherlands ($41.2 million, up 41%)

Imports from China grew by 66.5% to $257.4 million, from Iran grew by 27.7% to $199.9 million and imports from Georgia grew to $187 million.

The bulk of imports were mining industry goods- $449.9 million, an increase of 36.9%, machinery, equipment – $382.7 million, 29.7% rise, chemicals- – $225.8 million , growth by 37.1%, non-precious metals and items- $189.2 million, 51% rise.