ArmInfo.The y-o-y growth in foreign trade between Armenia and Russia in January-November 2019 slowed to 12.6% from last year's 13.5%, amounting to $ 1.98 billion. This was triggered by a slowdown in export growth from 19.3% to 10.8%, with accelerating growth of imports - from 10.6% to 13.6%, the volumes of which amounted to $ 671.5 million and $ 1.3 billion, respectively. According to the Statistical Committee of the Republic of Armenia, Russia holds the lead with a large margin.
China, Switzerland, Germany and Iran are also in the TOP-5 in terms of foreign trade turnover with Armenia - $ 824.9 million, $ 451.8 million, $ 385.9 million and $ 362.7 million respectively. Of these, the highest growth was recorded in trade with China - by 17.4%, and the decline with Germany - by 5.2%.
In terms of export in the TOP-5 Russia is followed by Switzerland, Bulgaria, Iraq and China , $ 413 million, $ 201.5 million, $ 160.96 million and $ 160.86 million respectively. Of these, the largest growth was recorded in China - by 71%, and the smallest - in Bulgaria - by 0 ,4%.
As for imports, Russia is followed by China, Germany, Iran and Turkey in the TOP-5 - respectively $ 664 million, $ 321.4 million, $ 286.6 million and $ 236.7 million. Of these, the largest growth was recorded by Iran - by 17.8%, and the smallest by Turkey - by 3.8%.
In total, in the export structure, the largest growth for the reporting period was recorded by Cyprus - 7 fold, despite the fact that the volume is still meager. And in the structure of imports, the United Kingdom showed the highest growth - by 94.3%, but even in this direction the volume is modest.
Full zeroing of exports was recorded to Brazil, with an increase in imports in this direction by 2.1%. The largest annual decline in exports was recorded to Romania - by 99.9% with an increase in imports in this direction by 5.6%, and for imports the largest decline by Turkmenistan - by 91.1% with an increase in exports in this direction by 88.5 %
The volume of foreign trade of Armenia with the EAEU countries grew over 11 months of 2019 by 12.8% per annum to $ 2.05 billion, while with the EU countries, on the contrary, it fell by 7.6% to $ 1.6 billion, while a year earlier growth was recorded in both directions - by 13.6% and 22.6%, respectively. Moreover, the export of Armenian goods to the EAEU countries slowed down growth from 20.5% to 10.7%, amounting to $ 694.7 million, while growth of import accelerated from 10.3% to 13.9% to $ 1.4 billion, while with the EU countries decline was recorded in both exports and imports- by 14.2% and 3.5%, respectively, to $ 549.4 million and $ 1.01 billion, compared with 11.3% and 30.8% a year earlier. Among the EAEU countries in terms of foreign trade, Russia is followed by Belarus - $ 60.1 million (y-o-y growth accelerated from 14.8% to 28.7%), Kazakhstan - $ 7.4 million (reversal from 48.1% growth by 37.4% recession) and Kyrgyzstan - $ 3.2 million (out of the 43.7% decline to 3.3-fold growth). Export of Armenian goods to Belarus slowed down growth from 81% to 33.7%, while import growth jumped from 2.8% to 27%. The export of goods to Kazakhstan changed the dynamics from a 2-fold growth by a 45.4% decline, with a continuing decline in imports with a slowdown from 16.8% to 14.4%. In the direction of Kyrgyzstan, exports after the 57.2% decline registered 4.2-fold increase, while the dynamics of imports, on the contrary, turned from a 14.7-fold increase to a 33.4% decline.
According to statistical data, in total, the foreign trade turnover of Armenia slowed down growth in January-November 2019 to 7.4% from last year's 19.1%, exceeding $ 7.2 billion, in particular, export growth slowed slightly - from 9.8% to 9%, amounting to $ 2.4 billion, while import growth sharply dropped from 24.2% to 6.6%, amounting to $ 4.8 billion. In November 2019 versus November 2018, export growth by 25.7% after decline, while import growth slowing down from 12.5% up to 9.6%, accelerated the growth of foreign trade from 6.9% to 14.2%. The main buyers of Armenian goods in January-November 2019 were Russia - 28% in exports, Switzerland - 17.2%, Bulgaria - 8.4%, Iraq and China - 6.7% each. The main suppliers of imported products to Armenia were Russia - 27% in total imports, China - 13.8%, Germany - 6.6%, Iran - 5.9% and Turkey - 4.9%.
To note, economic activity in Armenia for 11 months of 2019 accelerated the growth rate from 5.7% to 7.5% per annum. According to the forecast of the Central Bank of the Republic of Armenia, updated in December, expectations for the growth of Armenia's GDP in 2019 were once again improved to 7-7.3% (7.2% on average) from the previous 6.7-7.2% (6.9 %on average), exports - up to 9-11% and imports - 4- 6% (against the previous 5-7% and 1-3%). According to the new WB forecast, Armenia's GDP growth in 2020 will slow down to 5.1% from an estimated 6.9% in 2019, while export and import growth in 2019 is expected to slow down to 5.1% and 4.2%, respectively from 7.8% and 21.1%actually recorded in 2018.