Armenia’s foreign trade doubles in the first quarter to over $4.2 billion

Armenia’s foreign trade doubled in January-March 2023 compared to the same period of 2022 to more than $4.2 billion, the National Statistical Committee (NSC) said.
In March 2023 alone, the country’s foreign trade amounted to about $1.7 billion, which was 2.5 times more than in March 2022. It was up 23.7% compared to February 2023.

Armenia’s trade with CIS countries amounted to about $1.6 billion having increased by 2.3 times. The largest foreign trade partners were Russia (about $1.5 billion, up 2.3 times against the first three months of 2022), Belarus (about $51 million, up 3.1 times) and Ukraine (about $24 million, down 2.5%).

Armenia’s trade with EU countries amounted to over $678.1 million, a 64.6% growth year-on-year. The top five largest trade partners were Germany (more than $173.6 million, up 97.7%), the Netherlands (over $116.4 million, up 84.7%), Italy (over $87.6 million, up 48.3%), Poland (over $55.5 million, up 4 times) and France (over $36.2 million, up 86.7%).

Armenia’s trade with China soared by 43.5% to $448.8 million. Trade with the UAE grew tenfold to $299. 5 million, trade with USA grew by 2.7 times to $173.8 million and trade with Iran grew by 22.6% to $172.1 million.

Armenian exports increased 2.3-fold against January-March 2022, amounting to about $1.7 billion. In March 2023, exports grew by 2.7 fold to $626.6 million, and by 10.3% against February 2023.

Armenian exports to the CIS countries amounted to $888.2 million, having increased by 4.4 times compared to the same period last year.

Exports to Russia grew by 4.5% to $838.8 million, exports to Belarus grew by 5.7 times to $28 million and exports to Kazakhstan grew by 5 times to about $10 million.

Exports to the EU countries increased by 4.1% to about $185.5 million. Exports to the Netherlands upped by almost 81% to over $100 million, exports to Germany fell by 8.6% to $25.1 million and exports to Belgium fell by almost 18% to over $12.7 million.

Exports to the UAE grew by 13.2 times to $288.8 million, exports to China upped by 15.2% to $92.3 million, exports to Iraq fell by 0.1% to $51.5 million and exports to Iran upped by 24% to $29.7 million.

The bulk of exports were precious and semi-precious stones, precious metals – $382.5 million (4 times growth compared to January-March 2022), machinery, equipment and mechanisms – $270.1 million, 16.9 times growth), finished food products – $208.5 million (53.3% growth).

Armenian imports amounted to over $2.5 billion, an increase of 89.1% compared to January-March 2022. In March 2023, imports grew to $1.1 billion, an increase of 2.4 times compared to March 2022.

Imports from CIS countries totaled $703.9 million, an increase of 8.7% over the same period last year. Imports from Russia upped by 37% to $651 million, imports from Ukraine grew by 1% to about $23 million and imports from Belarus grew by 71% to $20.8 million.

Imports from the EU countries rose by 2.3 times to $545 million. Imports from Germany grew by 2.5 times to $155.7 million, imports from Italy rose by 85.4% to $69.7 million and imports from the Netherlands more than doubled to $42.7 million.

Imports from Georgia grew by 2.6 times to $253.3 million, imports from USA grew by 4 times to $208.3 million and imports from China upped by 24.3% to $193.8 million.

The bulk of imports were machinery, equipment and mechanisms – $575 million (up 2.8 times), land, air and water vehicles – $492.4 million, (up 5.7 times) and mining industry products – $268.8 million (down 5.4%).