Armenia’s Foreign Trade Grows by 41.2% to $15.4 Billion in 10 Months of 2023

YEREVAN (Arka) — Armenia’s foreign in January-October 2023 surged by 41.2% year-on-year to about $15.5 billion, the National Statistical Committee said.

Armenia’s trade with Russia grew by 41% to over $5.4 billion. The trade with Belarus grew by 14% to about $169 million and the trade with Kazakhstan upped by 2.3 times to about $79.5 million.

Armenia’s trade with the EU countries grew by 27.1% to about $2.3 billion. The five largest trade partners in the European Union were Germany ($543.2 million, up 39.1%), Italy ($346.4 million, up 29.8%), the Netherlands ($281.5 million, up 27.7%), Poland ($142.5 million, up 91.4%), Belgium ($132.9 million, up 13.2%) and France ($132.5 million, up 41.9%).

Other largest trade partners were China (over $1.7 billion, up 26.4%), UAE ($888.4 million, up 92.8%), USA ($596 million, up 83.3%), Iran ($567 million, up 0.2%), Japan ($315.5 million, up 2.4 times), Georgia ($215.6 million, down 13.7%), Republic of Korea ($170.5 million, up 2.2 times), and Iraq ($150 million, down 23.5%).

Exports

Armenian exports increased by 38.5% to $5.8 billion. Exports to Russia upped by 63% to about $2.9 billion, exports to Belarus surged by 65.3% to $92 million and exports to Kzakhstan grew by 4.3 times to $60 million.

Exports to the EU countries decreased by 3.5% to $643.6 million. Exports to the Netherlands shrank by 52% to $230 million, exports to Bulgaria dropped by 57% to $81 million and exports to Belgium upped by 16% to $84.1 million.

Exports to UAE almost doubled to $822.4 million, exports to China grew by 18% to $347.6 million, exports to Switzerland slashed by 70% to $64.5 million and exports to the USA dropped by 37% to $40 million.

The bulk of exports constituted precious and semi-precious stones, precious metals (about $1.4 billion, up 77.2%), machinery, equipment and mechanisms (over $1 billion, up 2.1 times), mining industry products ($759.4 million down 10.9%), finished products of food industry ($719 million, up 1.9%), land, air and water vehicles ($504 million, up 3.1 times)

Imports

Imports to Armenia in the first ten months of 2023 amounted to about $9.7 billion, registering an increase of 42.9% compared to January-October 2022.

Imports from Russia upped by 17% to about $2.7 billion, imports from Belarus fell by 17% to $83 million and imports from Ukraine upped by 6% to $69.5 million.

Imports from the EU countries increased by 41.1% to about $1.9 billion. Imports from Germany surged by 43% to $481 million. Imports from Italy upped by 43% to $270 million and imports from the Netherlands grew by 48% to $148.2 million.

Also, imports from China grew by 45% to $818 million, imports from the USA grew by 2.4 times to $749.4 million, imports from Iran grew by 5% to $496.6 million, imports from Republic of Korea grew by 2.5 times to $78.6 million.

The bulk of imports were machinery, equipment and mechanisms ($2.1 billion, up 59.4%), land, air and water vehicles ($1.6 billion, up 2.6 times), precious and semi-precious stones, precious metals ($1.3 billion , up 2.4 times), mining industry products ($904.3 million, up 2.4 times), textiles and textile products ($528.8 million, up 68.7%), products of chemical and related industries ($519.2 million, up 8.3%), non-precious metals ( $493.3 million, down 2.6%), finished products of food industry ($488.3 million, up 8.5%).