Growth of foreign trade turnover between Armenia and Russia continues to slow down
The growth of foreign trade turnover between Armenia and Russia slowed down in January-August 2018 to 22.3% from last year's 23.5%, exceeding $ 1.2 billion. This was provoked by a slowdown in export growth from 36.6% to 31.7% and imports from 18, 3% to 17.9%, the volume of which amounted to $ 424.2 million and $ 804.8 million, respectively. According to the Statistics Committee of the RA, on these three indicators, Russia holds the leadership far ahead.
According to statistical data, the total foreign trade turnover of Armenia accelerated growth in January- August 2018 to 26.1% from last year's 24.4% to $ 4.8 billion, in particular, the growth in exports slowed from 21.7% to 15.7% to $ 1.6 billion, and the increase in imports, on the contrary, accelerated from 26% to 32%, amounting to $ 3.2 billion. In Armenia's foreign trade turnover Russia is followed by China, Switzerland, and Germany who made $ 480.6 million, $ 311.4 million, $ 297.1 million, respectively; the fifth position is held by Iran - $ 216.6 million. Of these, the largest growth was registered in Germany - with 50.8%, and the lowest in Iran - by 28.1 %.
Switzerland, Bulgaria, Germany, and Iraq follow Russia in the TOP-5 in exports ensuring $ 213.8 million, $ 161.7 million, $ 104.6 million and $ 83.3 million, respectively. Of these, the decline was fixed only in Bulgaria, with 11.1%, and Switzerland - by 31.6%. In terms of import Russia is followed by China, Germany, Iran and Turkey-$ 406 million, $ 192.5 million, $ 153.6 million and $ 152.8 million respectively. Of these, Germany registered the largest growth - by 72.7%, and the lowest in Turkey - by 13.6%. In total, Thailand continues to record largest decline in the structure of exports - at 91.2% per annum (January-August 2018 to the same period in 2017), in parallel with which imports from there decreased by 12.6%, while in imports, the largest decline registered by Canada - by 71% with the export coming out of recession by 90.1% growth. The biggest increase in exports was registered by Cyprus and Romania - 12.8- 12.4 -fold, and in import - by Iraq - by 11.7%.
The main buyers of Armenian goods in January-August 2018 were Russia - 26.7% in exports, Switzerland - 13.5%, Bulgaria - 10.2%, Germany - 6.6% and Iraq - 5.2%. The main suppliers of imported products to Armenia were Russia - 25.4% in total imports, China- 12.8%, Germany - 6.1%, Iran - 4.9% and Turkey - 4.8%.
Among the dominant items of Armenian exports, growth was recorded in mineral raw materials - by 9.8% to $ 454.2 million, finished food products - by 3.6% to $ 324.8 million, non-precious metals and products from them - by 21% to $ 207.2 million, precious metals and products from them - by 3.2% to $ 194.7 million, textile products - by 71.4% to $ 158 million. The same segments recorded the dominant volumes: mineral raw materials - $ 460.9 million (an increase of 17.1% %), chemical products - $ 260.2 million (decline of 5.6%), finished food products - $ 243.6 million (an increase of 24.6%), non-precious metals and textile products - $ 209.7 million (up 33%), precious and semiprecious stones and products - $ 185.9 million (28% growth), and the list of imports is headed by machinery/equipment and equipment - $ 593.8 million (an increase of 71.8%).
To note, economic activity in Armenia in January-August 2018 accelerated the growth rate from 5.5% to 7.7%. According to the updated forecast of the Central Bank of Armenia, GDP growth in Armenia in 2018 is expected within 5.6-6.9%, exports - 8-10% and imports - 6-8%. According to the updated forecast of the World Bank, Armenia's GDP growth in 2018 will be 4.1%, exports - 10.1% and imports - 10.3%.