In January-March 2024, Russia, the United Arab Emirates (UAE), and China became the largest partners in Armenia's external trade, according to data presented by the Statistical Committee.
According to the report, Armenia's total external trade volume doubled in the first quarter of this year compared to the same period last year, reaching $9.1 billion.
According to the Statistical Committee, Russia maintains its leadership in trade volumes with Armenia. In January-March of this year, trade turnover with Russia increased by 2.4 times, amounting to $3.7 billion. Meanwhile, exports to Russia decreased by 8.6% from last year's figure of $798 million to $729 million in the first quarter of this year, while imports from Russia quadrupled, exceeding $3 billion.
During the reporting period, Russia's share in the structure of foreign trade turnover also increased from last year's 36% to 41.1%.
The United Arab Emirates ranked second in the list of Armenia's foreign trade partners, with trade turnover in January-March increasing nearly sevenfold compared to the same period last year, reaching $2.06 billion. Such a surge in trade, according to the Statistical Committee, is explained by a sharp increase in Armenian exports to the Emirates.
Thus, in January-March of this year, compared to the same period in 2023, Armenia exported goods worth $2.05 billion to the UAE, while imports did not exceed $12 million. The share of the UAE in the foreign trade turnover structure also sharply increased from last year's 6.9% to 22.5% in January-February of this year.
China occupies the third place in terms of trade volumes with Armenia, with a result of $878.7 million. Trade with this country for the first three months of 2024 increased by 96%. Meanwhile, Armenian exports to China sharply increased by 5.9 times to $543 million, while imports decreased by 5.9% to $335 million.
The European Union, which was Armenia's largest trading partner for years, ranked fourth on the list in January 2024. Trade turnover with the EU in January-March of this year decreased by 27.1% compared to the same period in 2023, reaching $494 million.
Armenian exports to the EU for the reporting period decreased by 31.6% to $126.7 million. Imports from European Union countries decreased by 25.3%. Thus, Armenia imported goods from the EU amounting to $367 million in the first quarter of 2024.
