According to the latest data from the Statistical Committee, Russia, the UAE, and China continue to dominate as Armenia's trading partners from January to May 2024. These three countries play a crucial role in Armenia's economic relations, collectively accounting for over 73% of the country's total foreign trade turnover.
The report indicates that Armenia's total foreign trade volume for the first five months of this year increased 2.2 times compared to the same period last year, reaching $16.3 billion.
Russia remains the leader in trade volumes with Armenia. From January to May this year, trade turnover with Russia grew 2.8 times, amounting to $7.5 billion. However, exports to Russia fell by 21.5%, from last year's $1.4 billion to $1.1 billion for the first four months of this year, while imports from Russia increased fivefold, exceeding $6.4 billion.
During the reporting period, Russia's share in the structure of foreign trade turnover also increased from last year's 36.1% to 45.9%.
The UAE ranked second among Armenia's foreign trade partners, with trade turnover from January to May increasing almost 7.2 times compared to the same period last year, reaching $3.3 billion. This surge in trade is attributed to a sharp rise in Armenian exports to the Emirates.
From January to May this year, compared to the same period in 2023, Armenia exported goods worth $3.3 billion to the UAE, while imports did not exceed $20 million. The share of the UAE in the foreign trade turnover structure sharply increased from last year's 6.2% to 20.8% in January-May this year.
China ranks third in trade volumes with Armenia, with a total of $1.22 billion. Trade with China for the first five months of 2024 increased by 54.1%. Armenian exports to China soared 3.9 times to $655 million, while imports decreased by 9.5% to $567 million.
The European Union, which was previously Armenia's largest trading partner, ranked fourth from January to May 2024. Trade turnover with the EU decreased by 23.7% to $877 million.
Armenian exports to the EU during the reporting period fell by 25% to $229 million. Imports from the European Union decreased by 23.2%, with Armenia importing goods worth $648 million from the EU in the first five months of 2024.
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