Armenia`s foreign trade turnover with EAEU countries increased by  40.7% in Q1 2022

ArmInfo.The foreign trade turnover of Armenia with the EAEU countries in Q1 2022 compared to the same period in 2021 increased by 40.7% (against the 9.3% decline a year earlier), exceeding $653.7 million. This is evidenced by the final  data of the RA Statistical Committee.

According to statistical data, the negative balance of Armenia's  foreign trade with the EAEU countries in Q1 2022 amounted to $266.2  million, having increased by 78.4% in y-o-y terms (against a decline  of 26.1% a year earlier) amid a significant increase in imports by  49.9% to $459.9 million, with an increase in exports by 22.9% to  $193.8 million (against a decrease in imports by 14.2% and an  increase in exports by 2.1% a year earlier ).

The growth trend of Armenia's foreign trade with the EAEU countries  was due to Russia, Belarus and Kyrgyzstan, and in the case of  Kazakhstan, there was a decrease. In particular, the foreign trade  turnover of Armenia with Russia increased by 40.6% per annum (against  an 8.1% decline a year earlier), with Belarus - by 73.2% (against a  decline of 49.8% a year earlier), with Kyrgyzstan - by 52.9% (against  an increase of 85.8% a year earlier). At the same time, the y-o-y  dynamics of Armenia's foreign trade turnover with Kazakhstan reversed  from 54.1% growth to 36.4% decline.

Russia holds the lead not only in terms of total foreign trade  turnover ($634.2 million) but also in terms of exports and imports  ($186.2 million and $448.02 million, respectively). Exports with  Russia accelerated y-o-y growth from 2% to 23.3%, with a change in  imports from 12.4% decline to 49.4% growth.

Belarus, Kazakhstan and Kyrgyzstan follow Russia in the structure of  Armenia's foreign trade with the EAEU countries, in terms of volume -  $16.4 million, $2.2 million and $913 thousand, respectively.

Exports of Armenian goods to Belarus increased by 43.3% to $4.9  million, and imports - by 89.9% to $11.5 million, against a  significant decline in these indicators a year earlier - exports by  26.8% and imports by 57.5%. Exports to Kazakhstan fell by 29.2% to $  1.9 million, with a decline in imports by 59.5% to $334.5 thousand,  while a year earlier, exports in this direction were in growth by  85.2%, with a meager decline in imports by only 0 .1%. The export of  Armenian goods to Kyrgyzstan increased by 55.9% to $865.5 thousand,  while imports grew by 12.3% to $47.5 thousand, while a year earlier,  exports increased 2.2-fold, while imports declined by 38.1%.

The share of Armenia's foreign trade turnover with the EAEU countries  in the overall structure of foreign trade amounted to 31.1% in Q1  2022 against 30.7% in the same period of 2021. Moreover, the share of  Russia increased from 29.8% to 30.2%, Belarus - from 0.6% to 0.8%,  and Kyrgyzstan remained at the level of 0.04%, while the share of  Kazakhstan decreased from 0.2 % to 0.1%. Namely, the share of Russia  in the structure of Armenia's foreign trade with the EAEU countries  is 97%, Belarus - 2.5%, Kazakhstan - 0.3%, Kyrgyzstan - 0.1%.

In total, Armenia's foreign trade turnover in Q1 2022 amounted to  $2.098 billion, with a change in y-o-y dynamics from a 4.4% decline  to a 38.5% increase. In particular, the reversal of import dynamics  from an 8.7% decline to a 45.6% increase was accompanied by an  acceleration in export growth from 3.4% to 26.9%, the volumes of  which reached $1.4 billion and $731.8 million, respectively. As a  result, the negative balance of Armenia's foreign trade reversed its  dynamics in Q1 2022 from a 13.4% decline to a 75.5% increase,  amounting to $634.5 million