Armenia’s trade turnover with Russia is increasing, but with EU and US it is decreasing – AlphaEconomics

During the session of the CIS Economic Council, the Russian Deputy Prime Minister mentioned Armenia in the triad of Russia’s trade partners, along with Kazakhstan and Belarus. It is known that Russia, in turn, is Armenia’s number one trade partner. Therefore, there is an increase in mutual importance and role, especially after 2022, because of the sanctions applied to Russia.

The study of Armenia’s foreign trade figures statistically confirms this. The growth of the bilateral role of the Armenia-Russia trade turnover goes in parallel with the undisguised tension in the political sphere. The Armenian authorities are trying to separate the economic cooperation from the political one, creating problems in the political one, but attempting to gain as much as possible from the economic opportunities. But is it possible? Theoretically, yes. The world has such an example as China-US. However, the latter is not comparable with our example, taking into account the differences in the scale and capabilities of the economies. In our reality, this is not possible, at least today, because we do not have equivalent alternative markets. Incidentally, along with the news about diversification, the statistics show that the trade turnover with Russia increases, but the trade turnover with the EU and the US decreases.

It seems that the more the authorities talk about diversification, the less, to put it mildly, promising it is.