Armenian Minister of Economy points at unprecedented growth of export from Armenia to Russia

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.