06.Apr .2022 21:00

Armenia's foreign trade soars by 52.4% in two months of 2022 to over $1.4 billion

Armenia's foreign trade soars by 52.4% in two months of 2022 to over $1.4 billion
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Armenia's foreign trade in January-February 2022 soared by 52.4% compared to the first two months of 2021 to over $1.4 billion, according to the numbers, released by the National Statistical Service (NSC).

Foreign trade with CIS countries (loose alliance of some Soviet republics) amounted to over $521.2 million, an increase of 62% compared to the same period last year. The largest foreign trade partners of Armenia were Russia ($475.3 million, up 61.4% against the first two months of 2021), Ukraine ($20.3 million, up 35.8%) and Belarus (about $14 million, up 2.4 times).

Armenia's trade with the EU countries amounted to about $260 million, a growth of 37.6%. The five largest trade partners were Germany (about $54.5 million, 45.3% rise), Netherlands (about $46,4 million, up 2.1 times), Italy (about $37.5 million, up 17.9%), Bulgaria (about $23.3 million, down 27.8%) and Spain ($21.2 million, up 5.1 times more).

Trade with China grew by 48% to about $206.8 million, trade with Iran soared by 55.6% to about $90.7 million, with Switzerland surged by 42% to about $59 million, with the USA upped 49% to about $37.6 million, with Iraq surged by 2.3 times to about $34.5 million, with Georgia upped by 45.3% to $29.2 million, trade with the UAE was down 0.5% to about $15.9 million and trade with Japan grew by 3.4 times to about $11.6 million.

Armenian exports grew by 40.1% from January-February 2021, amounting to about $503.7 million. Exports to CIS countries totaled about $160.7 million, having increased by 44%. The top three largest importers of Armenian goods were Russia ($147.9 million, up 43.1%), Belarus (about $3.5 million, up 69.8%) and Ukraine (about $3.2 million, up 53.3%).

Exports to EU rose by 41.3% compared with January-February 2021, amounting to about $107.7 million. The first three countries in terms of exports were the Netherlands (about $41.8 million, up 2.3 times), Bulgaria (about $20.3 million, down 32.3%) and Germany (about $15.2 million, up 30.9%).

Exports to China upped by 7.2% to about $58.5 million, to Switzerland grew by 7.2% to about $54.9 million, exports to Iraq upped by 2.3 times to about $34.5 million, to Iran grew by 2.4 times to about $17.7 million, exports to Georgia grew 2.1 times to about $16.7 million, exports to the USA fell by 17.5% to about $12.7 million and to the UAE dropped by 6.2% to about $9.9 million.

The bulk of exports comprised mining industry products - $166.5 million, up 28.3%, finished foods - about $101.9 million, up 36%, non-precious metals and products - over $70.6 million, up 48.8%, precious and semi-precious stones, precious metals and articles - $58.8 million, up 44.8%, textile products - $27.9 million, up 25.3% and plant products - $21.2 million, up 30.7%.

Armenian imports in January-February 2022 amounted to $917. million, an increase of 6.2% compared to January-February 2021. Imports from CIS countries totaled $385.9 million, an increase of 69.7%. The bulk of imports came from Russia ($351.1 million, up 68.6%, Ukraine -$18.6 million, up 40.7%) and Belarus -$11 million, up 2.8 times.

Imports from the EU countries rose by 21.1% to about $149.6 million. The largest three importers were Germany - $39.5 million, down 49.3%, Italy -$22.4 million, down 9% and Netherlands –about $11.4 million, up 41.4%.

Imports from China totaled $92.9 million, up 78.8%, imports from Iran stood at -$73 million, up 41.7%, from Georgia -$58.7 million, up 8.6%, from the USA -$32.2 million, up 3.2 times and from the UAE -$17.3 million, up 8.3%.

The bulk of imports were machinery, equipment and mechanisms - $132.7 million, up 43.8%, chemicals and related goods - $92.4 million, up 2.1 times, non-precious metals and articles - $78.7 million, up 2.2 times, plant products - $58.3 million, up 2 times, finished food products - $58.2 million, 41.6% growth, land, air and water vehicles - $55.2 million, 3.3 times growth, precious and semi-precious stones, precious metals and products - $34.6 million, down 4.4%, plastics and articles, rubber and rubber products - $34.5 million, up 70% and plant products - $30.2 million, up 2.3 times, ARKA reports.