In H1 2018 Armenia`s trade turnover with EEU countries grew by 20.4%  and with EU countries by 40.4%

ArmInfo. Year over year growth of trade turnover between Armenia and Russia slackened from 23.7% in the H1 2017 to 19.9% in the first half of 2018 totaling $ 885.8 million. Russia maintains the first place also by export and import  figures-$281.2 mln and $604.6 mln respectively.  Growth in imports  slackened from 22.3% to 16.6% amid insignificant acceleration of  exports growth from 27.3% to 27.5%.

According to data of National Statistical Service of Armenia, China  continues to hold the second place by foreign trade turnover with  Armenia, growing from 34.9% to 49.4% y-o-y ensuring $341.7 mln.  Particularly, export of Armenian goods to China increased by 30.2%  (versus 20% growth a year ago) to $50.7 mln amid growth of import by  53.3% (versus 38.7% growth a year ago) to $291.1 mln. 

Switzerland holds the third position on foreign trade turnover with  Armenia with a year-over-year growth of 46.8% (against 4.1 -fold  growth a year earlier) to $ 237.5 million. In particular, the volume  of exports of Armenian goods to Switzerland increased by 42.8%  (against 5.3-fold growth in previous year) to $ 170.4 million with an  increase in imports by 58.1% (against 2.5-fold growth a year earlier)  to $ 67.1 million.

Germany takes the fourth place on foreign trade turnover with Armenia  - $ 216.6 million ensuring 53.6% growth y-o-y versus 5.3% decline. In  particular, the volume of Armenian exports to Germany totaled $ 79.7  million (a y-o-y growth by 21.2%) with imports totaling $ 136.9  million (a y-o-y increase of 81.9%).

Iran rose to fifth place in foreign trade turnover with Armenia- $  154.6 million with a y-o-y growth by 40.8%, in particular exports  totaling $ 48.1 million (y-o-y growth by 39.1%) and imports made $  106.5 million (y-o-y growth by 41.6%). 

Russia holds leadership  by volume of both exports and imports in the  first half of this year. Switzerland and Bulgaria occupy the second  and third positions respectively by volumes of export, and China and  Germany are the third and the second in imports.

The volume of Armenia's foreign trade with the EEU countries grew by  20.4% y-o-y in the first half of the year to $ 915.7 million, and  with the EU countries by 40.4% to $ 906.96 million. Moreover, the  export of Armenian goods to the EEU countries increased by 28.5% up  to $ 290.3 million with import growth by 16.9% to $ 625.4 million,  while with EU countries, import growth prevails over export-55.7%  versus 22.9% to $ 537.3 million and $ 369.7 million, respectively.   In terms of foreign trade turnover among the EEU countries Belarus  ranks after Russia - $ 23.7 million (y- o-y growth of 24%),  Kazakhstan - $ 5.9 million (2.5 -fold growth) and Kyrgyzstan - $  403.5 thousand (0.1% increase). The export of Armenian goods to  Balarus increased by 50.9%, and to Kazakhstan - 2.2- fold, with the  growth of imports from these countries by 18.6% and 3.5 -fold  respectively. Import to Kyrgyrstan grew 21,1-fold in parallel with  drop of export by 15%. 

The main buyers of Armenian goods in the first half of 2018 were  Russia - 24.1% in total exports, Switzerland - 14.6%, Bulgaria -  10.7% and Germany - 6.8%. The main suppliers of imported products to  Armenia were Russia - 26.2% in total imports, China - 12.6%, Germany  - 5.9%, Turkey - 4.7%, Iran - 4.6% and USA - 4 %. The export to  Cyprus (with a diminishing volume of imports from that country) is  completely set to zero, and Japan, which was previously recorded only  for imports, appeared in the export structure. The most impressive  year-over-year decline in export volumes was observed between Armenia  and Finland, Korea and Thailand - by 97.2-91.1%, and imports -  between Armenia and Canada and Cyprus - by 77-62.7%.

Among the dominant items of Armenian exports, y-o-y growth was  recorded in export of  mineral products - by 25.4% to $ 352.1  million, ready-to-eat food products - by 7.4% to $ 250.7 million,   base metals and products of  them - by 27.6% to $ 158.5 million ,  precious and semiprecious stones and products - by 4.9% to $ 153.1  million, textile products - by 59% to $ 89.5 million, and the decline  was recorded for non- dominant exports items in volume terms. As for  import, the dominant items demosntrated growth, with the largest  growth recorded by machines / equipment / mechanisms - by 81.2% to $  430.4 million,  non- precious metals and products made of them - by  40.5% to $ 168.8 million, and vehicles - 2.2-fold to $ 178.1 million.  Chemicals showed multidirectional dynamics: an insignificant export  growth of 0.8% was accompanied by a decrease in imports of 6.7% to $  13.7 million and $ 202.7 million, respectively.

In total, the foreign trade turnover of Armenia in the first half of  2018 increased by 28.9% y-o-y, making 1675.7 billion drams ($ 3,476.1  million). In its structure, the volume of exports has experienced a  y-o-y growth of 20% to 561.6 billion drams ($ 1165.2 million), while  imports - a y-o-y growth of 33.9% to1114.1 billion drams ($ 2310.9  million). A year earlier, in the first half of 2017 the foreign trade  turnover increased by 24% y-o-y due to the growth of exports by 21%  and imports by 25.8%. Armenia's economic activity in the first half  of 2018 accelerated its y-o-y growth to 8.9% from 6.1% in the same  period in 2017.