During the first two months of 2024, Russia, the United Arab Emirates (UAE), and China remain Armenia's key trading partners, according to data provided by the Statistical Committee.
According to the report, Armenia's total foreign trade volume doubled in January-February of this year compared to the same period last year, reaching $5.3 billion.
According to the Statistical Committee, Russia maintains its lead in trade volumes with Armenia. In January-February of the current year, trade turnover with Russia increased by 2.2 times, amounting to $2.1 billion. Meanwhile, exports to Russia totaled $510 million (a decrease of 0.8%), while imports from Russia increased nearly 3.5 times, reaching $1.618 billion.
During the reporting period, Russia's share in Armenia's foreign trade turnover structure also increased from last year's 38.6% to 40.4%.
The United Arab Emirates ranked third on Armenia's list of trading partners, with trade turnover in January-February increasing by 716% compared to the same period last year, reaching $1.2 billion. According to the Statistical Committee, this sharp increase in trade is attributed to a significant growth in Armenian exports to the Emirates.
In January-February of this year, compared to the same period in 2023, Armenia exported goods worth $1.19 billion to the UAE, while imports did not exceed $6.2 million. The share of the UAE in the foreign trade turnover structure also sharply increased from last year's 6.5% to 22.6% in January-February of the current year.
China occupies the third position in terms of trade volumes with Armenia, totaling $491 million. Trade with this country increased by 84.5% during the first two months of 2024. Armenian exports to China sharply increased by 4.1 times to $266 million, while import growth reached 11.4%, equivalent to exactly $225 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-February of the current year decreased by 19% compared to the same period in 2023, amounting to $322 million.
Armenian exports to the EU during the reporting period decreased by 27% to $85 million. Import volumes from EU countries decreased by 15.7%, equivalent to $237 million.
