Armenia has recorded the highest growth in imports from the European Union among EAEU countries, increasing its imports by 49% over the past year and a half. According to research by VPost media, imports from the EU to Armenia rose from $931 million to $1.8 billion.
As The Moscow Times reports, Armenia’s export growth to Russia is even more remarkable, surging by 76% to reach $3.5 billion in 2023, compared to $840 million in 2021. Armenia's overall trade turnover with the EU grew by 40.2%.
Other EAEU partners of Russia show a similar trend. Kazakhstan boosted its imports from the EU by 42.2%, reaching $10.3 billion, while Kyrgyzstan saw a 70% increase, reaching $964 million. The combined trade turnover of these three countries with the EU reached $44.5 billion, marking a 28.7% increase since the pre-war level in 2021.
Experts attribute this growth to the shifting trade routes following the sanctions imposed on Russia. “In many cases, goods don’t physically pass through these countries but are directly shipped to Russia, with payments formally routed through these intermediary countries,” explains Harvard economics professor Oleg Itskhoki.
Meanwhile, Russia’s overall trade turnover with the EU has declined significantly, by 65.5%, to €88.9 billion in 2023. Experts note that the increased trade between EAEU countries and the EU only partially offsets these losses.
