Thursday, August 18 2022 18:23
Karine Melikyan

EAEU share in Armenia`s foreign trade turnover continues to grow,  while EU share is decreasing

EAEU share in Armenia`s foreign trade turnover continues to grow,  while EU share is decreasing

ArmInfo.The share of the EAEU countries in the foreign trade turnover of Armenia continues to grow, reaching 33.6% (over $1.733 billion) by the end of H1 2022, while the  share of the EU countries has already decreased to 19% ($980.8  million). The y-o-y dynamics of foreign trade volumes in both  directions is upward: the growth with the EAEU countries was 52.5%,  and with the EU countries - 37.6%, against the lower positive trends  of15.3% and 21%, respectively, a year earlier. This is evidenced by  the final data of the RA Statistical Committee.

Leadership in terms of foreign trade turnover is held by Russia with  a volume of $1.651 billion in H1 2022, with an acceleration of y-o-y  growth from 16% to 50.1%. Russia retains leadership not only in this  indicator, but also in exports and imports - $542.8 million and $1.1  billion, respectively, with an acceleration in the growth of both  exports from 36% to 48.4% and imports from 8.1% to 51%.

China continues to occupy the second place in Armenia's foreign trade  turnover, providing it both in terms of export and import. Thus, the  foreign trade turnover between Armenia and China in H1 2022 amounted  to $679.3 million, with a slowdown in y-o-y growth from 33.7% to  24.4%. In particular, the export of Armenian goods to China turned  the y-o-y dynamics from a 2-fold increase towards a 21.8% decline,  while the import of goods from China, on the contrary, sharply  accelerated the growth rate from 8.4% to 56.7%, the volume which  amounted to $176.2 million and $503.1 million, respectively.

Iran occupied the third place in Armenia's foreign trade turnover,  holding the same place in terms of imports. The foreign trade  turnover between Armenia and Iran in H1 2022 amounted to $307.8  million, with the y-o-y growth accelerating from 26.6% to 37.3%. In  particular, the volume of exports of Armenian goods to Iran exceeded  $57.9 million with an improvement in y-o-y dynamics from a 21.1%  decline to 75.9% growth, and imports of goods from Iran - $249.8  million with a slowdown in growth from 41.3% to 30.6%.

Germany held the fourth place in Armenia's foreign trade turnover -  $192.2 million, as a result of accelerating y-o-y growth from 20.9%  to 43.9%. In particular, the volume of exports of Armenian goods to  Germany amounted to $54.6 million (with a slowdown in y-o-y growth  from 61.6% to 41.2%), while imports amounted to $137.6 million (with  an acceleration in y-o-y growth from 9.8% to 45%).

And the fifth place in Armenia's foreign trade turnover was occupied  by the United States - $157.5 million, with an acceleration of y-o-l  growth from 57% to 76.8%. In particular, the volume of exports of  Armenian goods to the United States amounted to $43.9 million (with a  slowdown in y-o-y growth from 55.6% to 0.9%), with imports of $113.6  million (with an acceleration of y-o-y growth from 58.3% to  2.5-fold), and such an increase in imports brought the United States  to fifth place in this indicator as well.

Switzerland, on the other hand, was outside the top five in terms of  foreign trade turnover, while continuing to hold the third place in  terms of exports - $142.5 million, despite the ongoing decline with a  slowdown from 29.5% to 11.6%.

After Russia, China and Switzerland are in the second and third  places in TOP-3 in terms of exports, and China and Iran in terms of  imports.

The share of Russia in the foreign trade turnover of Armenia  increased in y-o-y terms - from 30.7% to 32% and the share of USA -  from 2.5% to 3.1%, the share of Germany remained at the same level -  3.7%, while it was in decline in China - from 15.3% to 13.2%, Iran -  from 6.3% to 6%, and Switzerland - from 5% to 3%.   In total, Armenia's foreign trade turnover in H1 2022 amounted to  $5.153 billion, with an acceleration of y- o-y growth from 13.4% to  44%. In particular, growth acceleration was observed both, in imports  - from 7.9% to 48.7%, and in exports from 23.3% to 36.3%, the volumes  of which reached $3.3 billion and $1.9 billion, respectively.  As a  result, in H1 2022, the negative balance of Armenia's foreign trade  reversed its dynamics from an 11% decline to a 69.7% increase,  amounting to $1.4 billion. In particular, the negative balance of  Armenia's foreign trade with the EAEU countries went up by 59. 7% -  up to $598.6 million, which was also observed in the negative balance  of foreign trade with the EU countries with access to a restrained 9%  growth - up to $128.5 million, while in the same period of 2021, the  deficit of foreign trade with both the EAEU countries and with the EU  countries was in decline - by 11.2% and 27.8% respectively.  

It should be noted that according to the forecast of the Central Bank  of the Republic of Armenia updated in June for 2022, exports are  expected to grow by 5.1% and imports by 8.3%, against the earlier (in  March) indicated decline in exports by 1.8% and stagnation of  imports. In the same updated forecast, the Central Bank improved its  expectations for Armenia's GDP growth from the previous 1.6% to the  updated 4.9%.  According to statistical data, in 2021, exports and  imports grew by 19.1% and 16.9%, respectively, from a 3.9-17.7%  decline in 2020.

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