06.Oct .2022 11:30

Armenia's foreign trade in Jan-August 2022 soars by 56.2%

Armenia's foreign trade in Jan-August 2022 soars by 56.2%
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Armenia's foreign trade in the first 8 months of 2022 soared by 56.2% from the same time span of 2021 to over $7.8 billion, the National Statistical Committee (NSC) said.

It said the foreign trade in August 2022 alone amounted to over $1.4 billion, twice as much as in August 2021. Compared to July 2022 it was up 17.6%.

Foreign trade with CIS countries amounted to over $2.8 billion, having increased by 67.3%. The largest foreign trade partners were Russia (over $2.6 billion, an increase by 71.7%, Belarus ($106.7 million, 2.4 times increase) and Ukraine ($52 million, 41.9% decrease).

The trade with EU countries amounted to about $1.4 billion, a 36% growth. The five largest trade partners were Germany ($284.5 million, 58.4% growth), Italy ($204.3 million, 11.8% growth), Bulgaria ($188.5 million, 3.2% growth), The Netherlands ($176 million, 40.4% growth) and Belgium ($90.9 million, 45% growth).

The trade with China grew by 39% to over $1 billion. The trade with Iran upped 43% to $427.4 million, that with UAE grew by 3.5 times to $265.2 million, the trade with the United States almost doubled to $239.8 million, that with Georgia grew by 78.5% to $207.1 million, the trade with Switzerland dropped by 15% to $204.5 million, that with Iraq upped by 51% to $150.1 million and that with Japan grew by 2.5 times to $79.7 million.

Exports

Armenia's exports in the first 8 months of 2022 grew by 52.9% from January-August 2021 to over $2. 9 billion. In August 2022 alone, exports amounted to $561.3 million, increasing 2.1fold compared to August 2021, and by 17.5% compared to July 2022.

Exports to the CIS countries grew to over $1.1 billion, having increased by 99.3% compared to the same period last year. The top three importers of Armenian products were Russia ($1 billion, 2.2 time rise), Belarus ($35.7 million, 2.6 time increase) and Turkmenistan ($8.9 million, 4.3 time rise).

Exports to the EU countries rose by 24.5% to over $544.7 million. The first three top importers of Armenian goods were Bulgaria ($175.7 million, up 6%), The Netherlands ($144 million, up 40.3%) and Germany ($73. 8 million, up 42.5%).

Exports to China dropped 14.2% to $237 million, exports to UAE grew 4.5 times to $229.5 million, exports to Switzerland fell by 16.4% to $184.3 million, exports to Iraq rose by 54% to $149.8 million and exports to Iran surged by 82% to $74.4 million.

The bulk of exports were mining industry products -$716.4 million, 1.6% growth, finished food products - about $515.2 million, 42.5% growth, precious and semi-precious stones, precious metals - $509.4 million, 2.7 times growth, non-precious metals - $302.8 million, 38.9% growth, automobiles, equipment and machinery - $249 million, 7.3 times growth.

Imports

Armenia's imports in January-August 2022 amounted to about $4.9 billion, an increase of 58.3% compared to the same period of 2021. In August 2022 alone, imports amounted to $887.3 million, an increase of 2.1 times compared to August 2021, and up 17.7% compared to July 2022.

Imports from CIS countries totaled over $1.8 billion, an increase of 42.7%. The top three leading exporters to Armenia were Russia (over $1.6 billion, up 44.8%), Belarus ($76.8 million, up 2.2 times) and Ukraine ($47.3 million, a decrease of 42.7%).

Imports from the EU countries rose by 53.7% to about $960.5 million. The first three countries by exports to Armenia were Germany ($238.3 million, up 77.8%), Italy ($142.7 million, up 12.3%) and The Netherlands ($70.1 million, up 39.8%).

Imports from China grew by 51.4% to $424.8 million, imports from Georgia upped 89% to $383.3 million, imports from Iran amounted to $353.1 million, up 36.1%, imports from USA grew 3.4 times to $235.6 million and imports from UAE grew 2.8 times to $194.7 million.

The bulk of imports were machinery, equipment and mechanisms - $872.7 million, up 71.3%, mining industry products - $757.2 million, up 35.7%, land, air and water vehicles - $415.5 million, up 2.5 times and chemical industry products - $385.5 million, 42.3% growth, ARKA reports.