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Post: Armenia has a trade surplus with Russia

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Armenia flag. archive photo

Armenia ran a trade surplus with Russia for the first time in modern history

MOSCOW, August 19 – RIA Novosti. According to RIA Novosti’s calculations based on data from Armenian customs, in the first half of 2023, Armenia for the first time exported more goods to Russia than it imported and had a trade surplus of $210 million.

According to the January-June results of this year, Armenia received the first surplus since at least 2003 at the level of $210 million in its trade with Russia. At the same time, a deficit has been recorded in recent years: the largest with $596 million last year and the smallest with $45 million in 2004.

Deputy Minister of Defense of the Russian Federation Alexander Fomin - RIA Novosti, 1920, 15.08.2023

Deputy Ministers of Defense of Russia and Armenia discuss military cooperation

This was thanks to the rapid growth of Armenia’s exports: this year the supply of goods has tripled – reaching $ 1.68 billion. At the same time, imports of goods from Russia increased by 28% to reach $1.5 billion. As a result, the trade turnover between the two countries in January-June reached a record $3.14 billion for the first time.

Russia remains Armenia’s largest trading partner by a wide margin, followed by the UAE ($782 million) and China ($655 million). Georgia and the United States are among the top five trading partners.

At the same time, the Netherlands and Iraq are among the most important destinations for the export of Armenian goods, instead of Georgia and the USA. And Vietnam has excluded the UAE from Armenia’s top five import partners.

State flags of Russia and Armenia - RIA Novosti, 1920, 25.05.2023

Interstate relations between Russia and Armenia

Source: Ria

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