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Russia's share in Armenia's total foreign trade drops slightly in 11 months – minister

19.12.2023, 12:21
Russia's share in Armenia's total foreign trade turnover has decreased in the first 11 months of 2023, Armenian Economy Minister Vahan Kerobyan said in an interview with the Public Television.
Russia's share in Armenia's total foreign trade drops slightly in 11 months – minister

YEREVAN, December 19. /ARKA/. Russia's share in Armenia's total foreign trade turnover has decreased in the first 11 months of 2023, Armenian Economy Minister Vahan Kerobyan said in an interview with the Public Television.

According to him, Armenia's foreign trade turnover grew by about 42% during the mentioned period, while the trade with several former Soviet republics, which make the Eurasian Economic union (EEU) grew by 38%. The trade has also grown significantly with China, UAE, Hong Kong and some other countries.

"The trade turnover with Russia grew less than our total trade turnover, i.e. Russia's share in the total trade turnover even slightly decreased," he said.

In terms of investments, according to Kerobyan, the UAE is now the largest foreign investor in Armenia, displacing Russia from the first place.

According to the National Statistical Committee, Armenia’s foreign trade in January-October 2023 grew by 41.2 percent compared to the same period in 2022 to about $15.5 billion.

The volume of trade between Armenia and Russia grew to $5.4 billion, having increased by 40.8% compared to January-October 2022.

Armenian exports to Russia during the reporting period reached $2.9 bln with a 63% growth, while imports from that country reached $2.7 bln (16.6% growth). --0--