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
