Armenia loses some of its traditional trade partners
17.02.2016,
19:37
Along with losing some of its traditional trade partners, Armenia has found new ones, economist Vilen Khachatryan said today.
YEREVAN, February 17. /ARKA/. Along with losing some of its traditional trade partners, Armenia has found new ones, economist Vilen Khachatryan said today.
According to him, Armenia's trade partnerships in 2015 were aimed at the Asian markets, as evidenced by the official statistics, which shows a reduction of foreign trade turnover with former Soviet republics and the European Union and an increase in trade turnover with China and other Asian countries.
He argued that trading with Asian countries may benefit Armenia more than trading with European countries or Russia, ‘because in the post-crisis period Asian countries were able to not only survive, but also ensure economic growth in contrast to Europe."
However, despite the decline in trade with Russia, the latter remains Armenia’s major trade partner.
According to the National Statistical Service, Armenia's foreign trade turnover in 2015 fell by 20.6% from 2014 to about $4.75 billion. Exports declined by 3.9% to about $1.5 billion, while imports fell by 26.5% to about $3.254 billion. The decline in exports was largely due to a 25.3% drop in exports to CIS member countries and a 5.2% drop to the EU.
Armenia's trade with CIS countries in 2015 fell by almost 20% to about $1.38 billion, making 29.1% of the total foreign trade. Trade with Russia declined by 18% to $1.173.9 billion. Trade with EU countries decreased by 23.7% to about $1.220.6 billion and trade with China slashed by 18% to $481.3 million. -0-
According to him, Armenia's trade partnerships in 2015 were aimed at the Asian markets, as evidenced by the official statistics, which shows a reduction of foreign trade turnover with former Soviet republics and the European Union and an increase in trade turnover with China and other Asian countries.
He argued that trading with Asian countries may benefit Armenia more than trading with European countries or Russia, ‘because in the post-crisis period Asian countries were able to not only survive, but also ensure economic growth in contrast to Europe."
However, despite the decline in trade with Russia, the latter remains Armenia’s major trade partner.
According to the National Statistical Service, Armenia's foreign trade turnover in 2015 fell by 20.6% from 2014 to about $4.75 billion. Exports declined by 3.9% to about $1.5 billion, while imports fell by 26.5% to about $3.254 billion. The decline in exports was largely due to a 25.3% drop in exports to CIS member countries and a 5.2% drop to the EU.
Armenia's trade with CIS countries in 2015 fell by almost 20% to about $1.38 billion, making 29.1% of the total foreign trade. Trade with Russia declined by 18% to $1.173.9 billion. Trade with EU countries decreased by 23.7% to about $1.220.6 billion and trade with China slashed by 18% to $481.3 million. -0-
