As of the third quarter of 2024, Russia remains Armenia’s largest trading partner, accounting for 41.1% of the country’s total foreign trade turnover. Russian Prime Minister Mikhail Mishustin shared this in an interview with Rossiyskaya Gazeta, discussing the development of trade relations among CIS countries.
According to Mishustin, overall mutual trade turnover between CIS countries grew by more than 11% from January to September this year. Russia not only leads in trade with Armenia but also holds the top position in Belarus’ trade turnover (52.7%) and ranks among the top three key trading partners for Kazakhstan, Uzbekistan, and Kyrgyzstan.
Mishustin emphasized the importance of economic integration among CIS countries, noting that joining efforts and leveraging each other's strengths open new opportunities for growth. As the largest economy in the region, Russia continues to be not only a major supplier of goods and resources to CIS states but also a significant market for their products.
“By working together, it becomes easier to address challenges and achieve goals to improve citizens’ quality of life and strengthen economies,” said the Russian Prime Minister, underscoring that CIS countries are Russia’s key partners and closest allies.
Earlier, BMG reported that Armenia’s trade turnover with the Eurasian Economic Union (EAEU) countries exceeded $11 billion in the first ten months of 2024, marking a record high in the nation’s history as an EAEU member.
Russia consistently leads in trade volumes with Armenia. From January to October of this year, trade turnover with Russia grew by nearly 91.4%, amounting to over $10.8 billion. However, Armenian exports to Russia decreased by 13.6%, dropping from $3 billion last year to $2.5 billion in the first ten months of 2024. In contrast, imports from Russia tripled, reaching approximately $8.4 billion.
During the reporting period, Russia’s share in Armenia’s foreign trade structure also increased, rising from 36.3% last year to 41.5%.
