Foreign trade turnover between Armenia and Russia grew in Q1 2017 by 23.7% annually due to export growth by 27.3% and import by 22.3%

ArmInfo. Foreign trade turnover  between Armenia and Russia increased by 23.7% per annum in the first  half of 2017 to $ 737.5 million. This was provoked by an increase in  exports of 27.3% to $ 219.3 million and imports by 22.3% to $ 518.2  million. National Statistical Service of Armenia, for these three  indicators, Russia holds the championship with a large margin.

According to statistics data, in total, Armenia's foreign trade  turnover grew by 24% in the first half of 2017, to $ 2.8 billion,  including exports- 21% to $ 993.9 million, and imports - 25.8% to $  1.8 billion. After Russia, China, Switzerland, Germany and Bulgaria  are listed in the TOP-5 on foreign trade with Armenia, respectively,  $ 170.1 million, $ 150.1 million and $ 149.2 million of which the  annual decline was recorded only in Germany - by 5.3%, while the  trade with China grew by 34.9%, with Switzerland - 4.1 times, with  Bulgaria - by 52.2%.

Bulgaria, Switzerland, Georgia and Germany accounted for $ 133.9  million, $ 126.8 million, $ 67.7 million and $ 66.2 million,  respectively, for exports to TOP-5 after Russia. Of these, the annual  decline was recorded in Germany and Georgia - by 5.7-5.8% while  exports to Bulgaria increased by 70.6%, to Switzerland- 5,3 times.  China, Turkey, Germany and Iran, respectively, posted $ 198.99  million, $ 104.1 million, $ 83.97 million and $ 79.7 million  respectively for imports in the TOP-5. Of these, the annual decline  was recorded only in Germany - by 4.9%, while imports from China Grew  by 38.7%, from Turkey - by 70.8%, from Iran - by 5.3%.  The largest  decline in exports was registered in the first half of 2017 for  Canada - 87.5% per annum, in parallel with what imports from there  jumped 23.3 times, and in imports, the largest decline is in  Turkmenistan - by 98.5% with a less significant decline in exports to  This direction - by 14.7%. Moreover, Turkmenistan is also leading in  the decline of foreign trade turnover - by 69.3%.  The main buyers of  Armenian goods in the first half of 2017 were Russia - 22.1% in  exports, Bulgaria - 13.5%, Switzerland - 12.8%, Georgia - 6.8%,  Germany - 6.7%. The main suppliers of imported products to Armenia  were Russia - 28.5% in total imports, China- 10.9%, Turkey - 5.7%,  Germany - 4.6%, Iran - 4.4%.  

Among the dominant items of Armenian exports, annual growth was recorded in mineral raw materials - by 36.3% to $ 297.6 million, finished foodproducts - by 32.5% to $ 240.7 million, to base metals and products from them - by 26.5% to $ 132.7 Million, textile products - by 16.9% to $ 51.5 million, with the decline in exports of precious and semiprecious stones and products - by 11.9% to $ 145.95 million, plant products - by 39.3% to $ 21.1 million.

On imports The dominant volumes recorded the same segments: mineral raw materials - $ 306.6 million (an increase of 12.9%), chemical products - $ 229.7 million (an increase of 44.7%), finished food products - $ 175 million (an increase of 10.7%), base metals and metal products - $ 124.6 million (an increase of 23.9%), textile products - $ 111.3 Million (an increase of 21%), precious and semiprecious stones and products - $ 109.7 million (an increase of 58.5%). 

To note, economic activity in Armenia in the first half of  2017 accelerated the annual growth rate from 4.7% to 6.1%. In the  first half of 2016 the foreign trade turnover showed an increase of  2.7% due to the export from the recession to a 16.7% growth, with the  slowdown in the rate of decline in imports to 3.7%.