06.Dec .2022 11:30

Armenia's foreign trade grows by 66.4% in 10 months to $10.9 bln

Armenia's foreign trade grows by 66.4% in 10 months to $10.9 bln
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Armenia's foreign trade in the first ten months of 2022 surged by 66.4% from the first 10 months of 2021 to about $10.9 billion, the National Statistical Committee (NSC) said.

It said the trade with the CIS (several former Soviet republics) countries amounted to $4.1 billion, an increase of 80.4% compared to the same period last year. The largest foreign trade partners were Russia ($3.8 billion, 86.4% increase against the 10 months of 2021), Belarus ($146.7 million, 2.3 times increase) and Ukraine ($75 million, 41.2% decrease).

The trade turnover with the EU countries amounted to about $1.8 billion, a 39.2% growth. Germany ($393.2 million, 73% rise), Italy ($266.8 million, 11.3% rise) and the Netherlands ($220.3 million, 23.3% increase) were the biggest trade partners of Armenia in European Union.

Exports

Armenia's exports in the first ten months of 2022 rose by 71.2% against January-October 2021, to about $4.2 billion.

Exports to the CIS countries totaled $1.816 million, having increased 2.5 times. The top three largest importers of Armenian products were Russia ($1.7 billion, 2.5 times growth), Belarus ($54.5 million, 2.8 times growth) and Kazakhstan ($13.4 million, 46.2% growth).

Armenian exports to the EU countries rose by 21.1% to $667.3 million. The first three countries in terms of imports of Armenian goods were Bulgaria ($198.2 million, up 5.9%), the Netherlands ($179.8 million, up 21.3%) and Germany ($88.7 million, up 38.1%).

The bulk of Armenian exports were mining industry products - $852 5 million, growth by 6.3%, precious and semi-precious stones, precious metals - $778.9 million, growth by 3.1 times, finished food products - about $702 million, growth by 44.8%.

Imports

Imports to Armenia in January-October 2022 amounted to about $6.8 billion, an increase of 63.5% compared to the same period of 2021.

Imports from the CIS countries amounted to about $2.45 billion, having increased by 45.2%. The top three leading exporters to Armenia were Russia ($2.3 billion, up 48.2%), Belarus ($99.2 million, up 2 times) and Ukraine ($89.8 million, down 27.2%).

Imports from the EU countries rose by 64.7% to about $1.4 billion. The first three countries in terms of exports to Armenia were Germany ($337.6 million, up 95.9%), Italy ($188.9 million, up 14.6%) and the Netherlands ($100.1 million, up 46%).

The bulk of imports were machinery, equipment and mechanisms – over $1.3 billion, up 89.5%, mining industry goods - $959.5 million, up 30.4%, land, air and water vehicles - $632.1 million, up 2.8 times, precious and semi-precious stones, precious metals - $517. million, up 2.6 times, ARKA reports.