Page 19 - Caucasus Outlook 2024

2.2.2 External environment
Armenia's foreign trade in January-October 2023 grew by 41.2% y/y to about
$15.5 billion, the National Statistical Committee announced.
The country's trade with Russia grew by 41% to over $5.4 billion, whereas the trade with Belarus grew by 14% to roughly $169 million and with Kazakhstan by 2.3 times to about $79.5 million.
Armenia's trade with EU nations grew by 27.1% to approximately $2.3 billion. The top five trade partners in the European Union comprised Germany ($543.2 million, +39.1%), Italy ( $346.4 million, +29.8%), the Netherlands ($281.5 million, +27.7%), Poland ( $142.5 million, +91.4%), Belgium ( $132.9 million, +13.2%) and France ( $132.5 million, +41.9%).
Armenian exports increased by 38.5% to $5.8 billion. Exports to Russia increased by 63% to approximately $2.9 billion, to Belarus by 65.3% to $92 million and to Kazakhstan by 4.3 times to $60 million.
However, exports to EU countries decreased by 3.5%, totalling to $643.6 million. Notably, exports to the Netherlands shrank by 52% and were valued at $230 million, while exports to Bulgaria decreased by 57% to $81 million, and exports to Belgium increased by 16% to $84.1 million.
Exports to the United Arab Emirates (UAE) have nearly doubled to $822.4 million, and exports to China have increased by 18% to $347.6 million.
The majority of exports comprised precious and semi-precious stones, precious metals (about $1.4 billion, up 77.2%), machinery, equipment and mechanisms (over $1 billion, up 2.1 times), mining products ($759.4 million, down 10.9%), finished food products ($719 million, up 1.9%), land, air and water vehicles ($504 million, up 3.1 times).
Imports to Armenia during the first 10 months of 2023 totalled approximately $9.7 billion, an increase of 42.9% compared to January-October 2022.
Russia's imports increased by 17%, reaching nearly $2.7 billion; Belarus' imports decreased by 17%, reaching $83 million, and Ukraine's imports
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