Armenia’s trade turnover with EAEU countries increased by 42.7% in 2023

Armenia’s trade turnover with the countries of the Eurasian Economic Union (EAEU) increased by 42.7% in 2023. Although Russia continues to be Armenia’s leading trading partner, trade with Kazakhstan and Kyrgyzstan has increased several times. At the same time, exports to Kazakhstan, Kyrgyzstan, and Belarus intensified.

There have also been changes in the structure of exported goods.

Speaking with Armenpress, Head of Trade and Integration Department of the Ministry of Economy Emma Movsisyan presented the reasons for the multiple increase in trade volumes with other EAEU countries, the main exported and imported goods, and the obstacles that arose during the year.

According to the Statistical Committee, Armenia’s trade turnover with the EAEU countries amounted to 36.8% of Armenia’s total trade turnover in 2023. At the same time, trade turnover with Russia increased by 43.3% compared to 2022. Trade turnover with Belarus decreased by 2.8%. It is noteworthy that the trade turnover with Kazakhstan and Kyrgyzstan increased several times last year.

In 2023, trade turnover between Armenia and Kazakhstan increased by 2.4 times, while trade turnover with Kyrgyzstan grew by 4.2 times.

“Our main goal, which was also outlined in the economic policy, should be export diversification. We are diversifying in two main areas: within the EAEU, that is, we boost trade with other EAEU member states, and outside the EAEU. No matter how much we activate other areas, it is absolutely certain that Russia will remain our number one trading partner. There are traditional ties with Russia, both businesses and consumers are used to them,” Emma Movsisyan said.

According to Movsisyan, it was mainly alcoholic beverages, diamonds, fish, tomatoes, apricots, cherries, peaches, and plums that were exported from Armenia to Russia in 2021–2022. However, in 2023, the main exports were telephone sets and other devices, monitors, projectors, and iron alloys.