Armenia’s exports to Russia shrink 7-14% in various segments of economy

YEREVAN, November 26. /ARKA/. Armenia’s exports to Russia have shrunk 7-14% in various segments of the economy, Arsen Ghazaryan, chairman of the Union of Businessmen and Employers of Armenia, told journalists on Wednesday. “Certain decline in Armenia’s exports was seen recently amid the Russian market’s low purchasing power and devaluation of the Russian national currency,” he said. In his words, exports to Russia made up 30% of Armenia’s exports and food exports 80%. Ghazaryan said that the decline was not connected with quality of Armenian goods or the lack of demand for Armenian products – it is caused only by tension in Russia. He said that Armenia, as exporter country, is deeply concerned over devaluation of the Russian ruble. Armenian exporters would have filled the gap emerged in the Russian market because of western sanctions by Armenian products, if the Russian currency’s exchange rates remained stable. According to the National Statistical Service of Armenia, the country’s industrial output amounted to AMD 1 040.1 billion in Jan-Oct 2014 - a 2.2% year-on-year growth. Armenia’s exports to Russia totaled $219.9 million in Jan-Sept 2014 – a 6.2% year-on-year decline. ($1 – AMD 434.11). ---0------