Armenia’s Foreign Trade Soars by 44% in First Half of 2022 to $5.1 Billion

YEREVAN (ARKA) — Armenia’s foreign trade in the first half of 2022 soared by 44% from the same time span in 2021 to $5,152,571,900, according to the National Statistical Committee (NSC).

Armenia’s trade turnover with several former Soviet republics which make the Commonwealth of Independent States (CIS), amounted to $1,796,799,000, having surged by 47.5%. The largest foreign trade partners were Russia -$1, 650, 823,600, 50.1% increase against six months of 2021, Belarus -$58, 972,600, 2-fold increase and Ukraine -$37,458,800, 44.2% decrease.

Armenia’s foreign trade with EU countries amounted to about $980,754,800, growing by 37.6%. The top five largest trade partners were Germany ($192,157,600, up 43.9%), Bulgaria ($151, 014,300, up 31.6%), Italy ($141,596,700, up 11.9%), The Netherlands ($139, 962,000, up 57%) and Belgium ($69,387,900, up 46%).

Trade with China increased by 24.4% to $679,321,700, trade with Iran grew by 37.3% to $307,756,700, trade with the United States surged by 76.8% to $157,500,700 and trade with Georgia upped by 76.8% to $307,756,700.

Exports

Armenian exports grew by 36.3% to $1,881,533,900. Exports to the CIS countries amounted to $584,061,500 having increased by 46.9% compared to the same period last year.

The top three leading importers of Armenia-made goods were Russia ($542,802,400, 48.4% increase), Belarus ($18,100,200, 2 times growth) and Turkmenistan ($6,438,600, 17.6 times rise).

Exports to the EU countries rose by 43.2% to $426,128,900. The first three countries in terms of imports from Armenia were Bulgaria ($142,322,900, up 34.9%), The Netherlands ($117,068,300, up 64.5%) and Germany ($54,592,700, up 41.2%).

Exports to China dropped by 21.8% to $176,233,800, exports to Switzerland fell by 11.6% to $142,473,500, exports to Iraq surged by 75% to $108,037,800, exports to Iran increased by 75.9% to $57,942,500.

The bulk of exports were mining industry goods worth $551,745,800 (4.3% growth compared to the first half of 2021), finished food industry products – about $351, 234, 200 (36% growth), precious and semi-precious stones – $305,610,900 (2.2 times growth).

Imports

Imports totaled $3,271,038,000, recording a 48.7% increase compared to January-June 2021. Imports from CIS countries totaled $1,273,185,600, an increase of 39.7% over the same period last year. The top three leading exporters to Armenia were Russia ($1,164,290,600, up 41.7%), Belarus ($42,987,600, up 90.9%) and Ukraine ($34,642,300, down 40%).

Imports from the EU countries rose by 39.1% to $ 622,682,800. The first three countries by volume of exports to Armenia were Germany ($145,918,300, up 47.9%), Italy ($97,380,500, up 89.3 times) and The Netherlands ($52,347,000, up 41.3%)

Imports from China upped by 62% to $314,494,800, from Iran to $249,694,400, up 29% and from Georgia to $249, 286,100, up 82.9%).

The bulk of imports were mining industry products – $559,988,600 (up 36.8% over the first half of 2021), machinery, equipment and mechanisms – $509,081,800 (up 39.5%), chemical products – $274,553,200 (up 38.3%), base metals – $256,503,800 (61.6% growth), land, air and water vehicles – $245,174,900 (2.3 times growth), precious and semi-precious stones- $230,231,800 (2.1 times growth), finished food products – $213,930,500 (22.1% growth) and textile products – $158,615,700 (32.8% growth).