ArmInfo. Armenia's Minister of Economy Artsvik Minasyan has pointed at the unprecedented growth of export from Armenia to Russia as of the end of the first half of 2016. He made the remark during a talk with journalists on August 25 after the government's session.
According to the Minister, in the first half of the current year export from Armenia to Russia was record high and totaled 168 mln USD. He recalled that the highest figure during the recent 10 years was registered in 2013-143 mln USD. The Minister stated that there is potential to further increase Armenian export to Russian direction. "At the initial stage of membership in EEU there was too much of uncertainty now everything becomes clear", Minasyan stated.
According to official data EEU's trade turnover totaled 228.6 bln USD for the first half of 2016 (export- 140.5 bln and import-88.1 bln USD). Foreign trade turnover declined by 23% compared the same period of 2015. The export declined by 29.3% and import by 10.3%. Turnover within EEU for the first half of 2016 declined by 17% y-o-y and totaled 19 bln USD.
According to the National Statistical Service of Armenia export from Armenia to EEU in the first half of 2016 grew by 83.7% and totaled 174.6 mln USD. The growth of aggregate amount of export from Armenia to Russia totaled 87.4% compared to the same period of 2015. In Jan-June of 2016 export of Armenian goods to Russia amounted to 168 mln USD. At the same time export from Russia to Armenia declined by 3.7% in H1 2016 and totaled 431.6 mln USD. Analyzing the data of the last year experts of National Statistical Service of Armenia note that drop of export to Russia by 18% at the year end-2015 was caused by crisis in Russian economy, particularly sharp drop of Ruble by more than 50%. Trade turnover between Armenia and Russia grew by 12.4% in the first half of 2016 compared to the first half of 2015 and totaled 599.6 mln USD. Share of trade turnover with Russia in overall foreign turnover of Armenia also increased from 24.1% to 26.4%. Brandy and agricultural products (fruits and vegetables, fish, cheese) traditionally prevail in exported Armenian goods to Russia.