07/08/2023

The trade turnover between Armenia and the Russian Federation for 5 months of 2023 increased by 86% compared to the same period last year. At the same time, exports from Yerevan to Moscow increased by a record 3.3 times.

According to experts, last year the mutual trade turnover reached $5 billion and broke all records. In 2023, the positive dynamics continues. In January-May, trade increased to $2.3 billion. This indicates the priority of the Russian market for Armenian producers.

The plans are to further increase the volume of mutual trade between Russia and Armenia. An increase in the capacity of the Upper Lars checkpoint on the Russian-Georgian border will help in this. In addition, at the end of July, container shipping between Batumi and Novorossiysk with a ferry carrying capacity of about 12 thousand tons was launched.

According to the Minister of Economy of Armenia Vahan Kerobyan, the volume of goods exchange between Moscow and Yerevan may grow up to 60% by the end of 2023. He stressed that the Russian Federation is the "number one trading partner" for their country. According to statistics, almost half of all foreign investments in the Armenian economy come from Russia.

It should be noted that according to the statement of the Prime Minister of the Russian Federation Mikhail Mishustin, the trade turnover between Moscow and Yerevan in 2022 increased by 96% and amounted to 140 billion rubles.

Earlier it was noted that Russia has increased the volume of mutual trade with a number of other countries: India, as well as the states of the Middle East, CIS and North Africa. The trade turnover between Russia and China also showed record growth.