Armenia`s foreign trade turnover decreased in 11 months of 2020 by  12.4% per annum

ArmInfo.Armenia's foreign trade turnover in January-November 2020 amounted to 3.1 trillion. drams ($ 6.4 billion), having fallen by 12.4% per annum. According to  the data of the Statistical Committee of the Republic of Armenia, the  reduction in import volumes turned out to be more significant - by  15.9% to 1.98 trillion. drams ($ 4.1 billion) than exports - by 5.2%  to 1.1 trillion drams ($ 2.3 billion).

In November 2020, the decline  in foreign trade turnover accelerated from 2.9% to 5%, due to the  reversal of the dynamics of imports from 2.3% growth to 2.6% decline,  and the slowdown in exports with a slowdown from 11.1 % to 9.4%. And  in November 2020 compared to November 2019, a 25.9% decrease in  foreign trade turnover was triggered by a 28.9% decline in imports,  while exports fell by 19.4%. The negative foreign trade balance  decreased in January-November 2020 by 26.5% per annum (against 4.4%  growth a year earlier in the same period), amounting to $ 1.8  billion.  Moreover, the negative foreign trade balance of Armenia  with the EAEU countries amounted to $ 773.2 million , having  increased over 11 months by 16.6% against the background of an  increase in imports by 2.5% with a decline in exports by 10.7%. And  the negative balance of foreign trade of Armenia with the EU  countries amounted to $ 378.1 million, decreasing by 4.3% as a result  of a decline in both exports (by 29.5%) and imports (by 18.9%). 

The main buyers of Armenian goods in January-November 2020 were  Russia - 26.5% in exports, Switzerland - 19%, China - 11.2%, Iraq -  6.5% and Bulgaria - 6.1%. The main suppliers of imported products to  Armenia were Russia - 32.9% in total imports, China - 15%, Iran -  6.9%, Germany - 5.2% and Italy - 4.3%. Among the dominant items of  Armenian exports, annual growth was recorded in the leading item -  mineral products - by 14.1% to $ 759.8 million. At the same time, the  decline was in the export of finished food products - by 14.9% to $  495.9 million, precious and semi-precious stones and products - by  12.1% to $ 336.04 million, base metals and products from them - by  18.7% to $ 195.8 million, and textile products - by 22.7% to $ 121  million. In imports, the growth was maintained by such leading  articles as herbal products - by 12.1% to $ 222.7 million, while the  leading item - mineral products went into decline - by 8.3% to $  661.7 million, and a downward trend was observed in finished food  products - by 6.7% to $ 350.5 mln. The leading import item -  machinery / equipment / mechanisms - showed an increase of 3.3% to $  784.3 million, another of the dominant items - base metals and  products from them - grew by 4.4% to $ 325.2 million, and other  leading articles fell into recession: chemical products - n and 13.8%  to $ 366.8 million, and textile products - by 22.3% to $ 214.8  million. 

Export of chemical products amounted to $ 27.5 million, slowing down  growth to a stagnant 0.3%. It should be noted that a year earlier, in  January- November 2019, an increase in Armenia's foreign trade  turnover by 7.4% was provoked by an increase in exports by 9% and  imports by 6.6%. In November 2019 alone, foreign trade turnover  increased by 4.5% due to an increase in exports by 8.5% and imports  by 3.1%. And in November 2019, compared with November 2018, the  growth of foreign trade turnover by 14.2% came mainly from the growth  of exports by 25.7%, while the growth of imports by 9.6%.  The  negative balance of Armenia's foreign trade with the EAEU countries  increased by 17.5% over 11 months of 2019 against the background of  an increase in imports by 13.9% and exports by 10.7%. And the  negative balance of Armenia's foreign trade with the EU countries  increased by 13.5%, with a decline in exports by 14.2% and imports by  3.5%.