According to the latest data from the Statistical Committee, Russia, the UAE, and China continued to dominate among Armenia's trade partners from January to June 2024.
These three countries are key players in Armenia's foreign economic relations, accounting for over 73% of the country's total foreign trade turnover.
The report indicates that in the first half of 2024, foreign trade turnover doubled compared to January-June of the previous year, reaching $18.4 billion.
Russia consistently holds the leading position in trade volumes with Armenia. In the first half of this year, trade turnover with Russia increased by 2.5 times, amounting to $8.4 billion. However, exports to Russia fell by 22.1%, from last year's $1.78 billion to $1.4 billion in the first half of 2024, while imports from Russia increased by 4.8 times, reaching around $7 billion.
During the reporting period, Russia's share in Armenia's foreign trade structure increased from last year's 35.8% to 45.4%.
The UAE ranked second among Armenia's foreign trade partners, with trade turnover in January-June growing nearly 7.5 times compared to the same period last year, reaching approximately $3.7 billion. According to the Statistical Committee, this surge in trade is attributed to a sharp increase in Armenian exports to the Emirates.
From January to June this year, compared to the same period in 2023, Armenia exported goods worth $3.66 billion to the UAE, while imports amounted to only $26 million. The UAE's share in foreign trade turnover also increased sharply from last year's 5.5% to 20.1% in January-June this year.
China ranks third in trade volumes with Armenia, with a result of $1.4 billion. Trade with China in the first half of 2024 increased by 41.9%. Exports of goods from Armenia to China surged by 3.4 times to $714.3 million, while imports decreased by 11.7% to $693 million.
Notably, despite the significant growth in trade with China, its share in Armenia's foreign trade decreased from last year's 11% to 7.6% in January-June this year. This decline occurred due to the faster growth rate of Armenia's overall foreign trade.
The European Union, which in previous years was Armenia's largest trading partner, ranked fourth in this list in January-June 2024. Trade turnover with the EU decreased by 23.7% to $1 billion, accounting for only 5.7% of foreign trade, compared to 15.4% last year.
Armenian exports to the EU during the reporting period fell by 25.1% to $281.7 million. Imports from EU countries decreased by 23.1%, with Armenia importing goods worth $776.9 million from the EU in the first half of 2024.
