Armenian exports to Russia slash by 30% in March

YEREVAN, March 24. /ARKA/. Armenia's exports to Russia have slashed by about 30% in March, Economy Minister Vahan Kerobyan said at a press briefing today.

"All exporters to Russia are experiencing a decline. According to preliminary data, in February Armenian exports to Russia grew by 25-27% (year-on-year), but in March we see that exports decreased by about 30%," Kerobyan said.

Kerobyan added that Armenian exports to other countries have grown. ‘Despite the 30% drop, I see good prospects to enhance our exports to the Russian Federation,’ he said.

"We are working to ensure that exporters renegotiate contracts as fast as possible under the new prices, and we expect that this will result in increased exports. The deficit that has emerged in the Russian market after the departure of many Western companies, gives us a good opportunity to build up our share in the Russian market," he said.

According to Armenia’s National Statistics Committee, Russia was Armenia's largest foreign trade partner in 2021 with bilateral trade amounting to $2.6 billion, an increase of 20.9% compared to 2020. Armenia's exports to Russia amounted to $847.2 million a, 24.5% growth, while imports from Russia to Armenia grew by 20.5% to about $2 billion. -0-