Armenia's foreign trade grows by 47.7% in 7 months of 2022 to over $6.3 bln

YEREVAN, September 6. /ARKA/. Armenia's foreign trade in the first seven months of 2022 soared by 47.7% from the same time span of 2021 to about $6.4 billion, according to the National Statistical Committee (NSC).

The foreign trade in July 2022 alone was worth over $1.2 billion, an increase of 67.1% compared to July 2021, and a decrease of 0.5% compared to June 2022.

Armenia foreign trade with several former Soviet republics, which are members of the Commonwealth of Independent States (CIS), amounted to about $2.3 billion, having increased by 54.5% from the same period of last year.

The largest foreign trade partners were Russia with about $.2.1 billion trade turnover, 57.7% increase against seven months of 2021), Belarus (about $85.3 million, 2.3 times increase) and Ukraine (about $44.2 million, 46.3% decrease).

Armenia’s trade with EU countries amounted to about $1.2 billion, a 36.7% growth yoy. The top five largest trade partners were Germany (about $234.7 million, up 50.1%), Bulgaria (about $172.9 million, up 22.9%), Italy (about $170.8 million, up 10.3%), The Netherlands (about $160.1 million, up 61%) and Belgium ($82.4 million, up 42.5%).

Armenia's trade with China grew 29.3% to $829 million, trade with Iran upped 28.1% to $276.8 million, trade with the USA grew by 81% to $189.2 million, the trade with UAE almost tripled to $189 million, trade with Switzerland fell by 13% to $182 million and trade with Iraq grew 57.7% to $129, 3 million. 

Exports 

Armenia's exports in the seven months of 2022 grew by 43.9% yoy to about $2.4 billion. In July 2022 alone, exports increased by 82.2% from 2021 July to $472.7 million.

Armenian exports to the CIS countries totaled about $817.3 million, having increased by 67.4% compared to the same period last year. Exports to Russia surged by 70% to about $762.7 million, exports to Belarus grew 2.4 times to $27.2 million and exports to Turkmenistan grew by 5 times to about $7.3 million.

Exports to the EU countries in January-July this year rose by 39.4% as compared to January-June 2021, amounting to about $495.3 million. The largest importers of Armenian products were Bulgaria ($162.9 million, up by 25.4%), The Netherlands ($134 million, up by 69.4%) and Germany ($64.6 million, up by 44.1%).

Exports to China fell by 20% to $198.5 million, exports to Switzerland dropped by 13.4% to $165.7 million, exports to UAE grew by 3.6 times to about $159 million and exports to Iraq surged by 61% to $129 million.

The bulk of exports were mining industry products – almost $632 million, a growth of 3.1% compared to January-July 2021, finished food products - about $427.2 million, a growth of 37.5%, precious and semi-precious stones, precious metals and products - $404.2 million, 2.4 times growth, non-precious metals and articles - $269.4 million (50.7% growth).

Imports 

Armenia's imports in January-July 2022 totaled about $4 billion, recording a 50.1% increase over the same period in 2021. In July 2022 alone, imports were worth $739.6 million, an increase of 58.8% over July 2021 and 2.5% rise over June 2022.

Imports from the CIS countries totaled $1.5 billion, an increase of 39.3% over the same period last year. The top three leading exporters to Armenia were Russia (about $1.4 billion, up 40.8%), Belarus ($63.5 million, up 2.2 times) and Ukraine ($40.7 million, a decrease of 42.1%)

Imports from EU countries rose by 44.5% during the reporting period, amounting to $772.4 million. The three largest exporters to Armenia were Germany ($186.5 million, up 61.9%), Italy ($118.6 million, up 12.4%) and Netherlands ($61.2 million, up 38%)

Imports from China upped 55.4% to $366.4 million, imports from Georgia grew by 85% to $317.3 million, imports from USA almost tripled to $175.2 million.

The bulk of imports were machinery and equipment - $658.3 million, up 54.2%, mining industry products - $650 million, up 34%, chemical products - $321 million, up 33.4%), land, air and water vehicles - $319 million, up 2.2 times, non-precious metals and articles - $317 million, up 64.1%, finished food products - $265 million up 22%. -0-