ArmInfo.In January-October 2018, the y-o-y growth of foreign trade turnover between Armenia and Russia slowed down to 14.9% from last year's 24.1% and totaled $ 1.6 billion. This was caused by a slowdown in exports from 43% to 21.3% and imports from 16, 8% to 11.7%, the volumes of which amounted to $ 549.1 million and $ 1.02 billion respectively. According to the RA Statistical Committee, Russia retains leadership in the abovementioned three figures with a significant margin.
Russia is followed by China, Switzerland, Germany and Iran in TOP-5 in terms of foreign trade turnover with Armenia - $ 638.7 million, $ 375.8 million, $ 370.04 million and $ 296.8 million, respectively. Of them, the largest increase was recorded by Germany - by 41.6%, and the smallest by China - by 34.3%.
As for TOP-5in exports, Russia is followed by Switzerland, Bulgaria, Germany and Iraq - $ 261.8 million, $ 192.9 million, $ 127 million and $ 117.1 million, respectively. Of them, the y-o-y decline was recorded only in Bulgaria - by 17.1%, and Iraq registered the most significant growth - by 33.2%. In the TOP-5 imports China, Germany, Iran and Turkey - $ 552.8 million, $ 243.1 million, $ 212.5 million and $ 201.7 million, follow Russia respectively. Germany has recorded the largest increase - 57.7%, and Turkey the smallest - 14.3%.
In total, the largest decline in the structure of exports continues to be recorded by Thailand - by 92% per annum (January-October 2018 to the same period of 2017), in parallel with which imports decreased from this country by 6.8%. The largest decline in imports is registered to Canada - 65.5% with export to this country changing the trend from 89.9% drop to 2-fold growth. Romania and Brazil registered the largest growth in exports-15.5-11.9-fold, and Iraq -17.8-fold.
The volume of foreign trade of Armenia with the countries of the EAEU grew in 10 months of 2018 by 15% per annum - to $ 1.6 billion, and with the EU countries - by 25.8% to $ 1.5 billion. Moreover, the export of Armenian goods to the EAEU countries increased by 22.6% to $ 567.9 million, while imports grew by 11.3% to $ 1.05 billion, while with EU countries import growth prevailed over export rates - 33.5% against 15.6% - up to respectively $ 928.4 million and $ 602.3 million. Among the EAEU countries by foreign trade turnover Belarus follows Russia - $ 41.2 million (y-o-y growth of 14.5%), Kazakhstan - $ 10.5 million (growth of 55.3%) and Kyrgyzstan - $ 896.2 thousand (decline of 29.5%). Exports of Armenian goods to Belarus increased by 89.8%, while imports grew only by 1.3% , significant increase in exports of goods to Kazakhstan (2-fold) was accompanied by a drop in imports by 9%. In the direction of Kyrgyzstan, there was an increase in imports by 13.3 -fold with a drop in exports by 45.8%.
According to statistical data, in total, Armenia's foreign trade turnover slowed down in January-October 2018 to 20.7% from last year's 22.4%, making $ 6.02 billion, in particular, export growth slowed down from 19.4% to 11.7%, making $ 2 billion, while import growth, on the contrary, accelerated from 24% to 25.8%, reaching $ 4.02 billion. The main buyers of Armenian goods in January-October 2018 were Russia - 27.4% in exports, Switzerland - 13.1%, Bulgaria - 9.6%, Germany - 6.3% and Iraq - 5.8%. The main suppliers of imported products to Armenia were Russia - 25.3% in total imports, China - 13.8%, Germany - 6%, Iran - 5.3% and Turkey - 5%. Among the dominant export items, growth was recorded in mineral raw materials - by 1.7% to $ 554.6 million, finished food products - by 6.4% to $ 433.9 million, non-precious metals and products from them - by 19.2% to $ 257.6 million, precious metals and products from them - by 8.8% to $ 249.3 million, textile products - by 75.2% to $ 199.3 million. In import, the same segments recorded the dominant volumes: mineral raw materials - $ 588.8 million (an increase of 16.4 %), chemical products - $ 320.4 million (a decline of 5.1%), finished food products - $ 302.7 million (an increase of 16.4%), non-precious metals and metal products - $ 281.4 million (an increase of 17.8%), textile products - $ 272 million (an increase of 28.5%), precious and semiprecious stones and products - $ 234 million (an increase of 28.4%), imports of machinery and equipment heads the list - $ 749.9 million (an increase of 59.6%).
To note, economic activity in Armenia for 10 months of 2018 slowed down the growth rate from 7% to 6% per annum. According to the updated forecast of the Central Bank of Armenia, GDP in Armenia in 2018 is expected to be in the range of 4.6-5.1%, exports - 3-5% and imports - 9-11%. According to a new forecast of the World Bank, GDP growth in Armenia in 2018 will be 5.3%, exports - 9.1% and imports - 16.9%.