Trade turnover with Armenia increased by 86% in January-May 2023 – Kommersant

Denis Gonchar, Director of the Fourth Department of the CIS Countries of the Russian Foreign Ministry, said that the trade turnover between Armenia and Russia in January-May 2023 increased by 86% compared to the same period in 2022. According to him, exports from Armenia to Russia increased by a record 3.3 times.

“Last year, mutual trade broke all records, reaching $5 billion. We are also seeing positive dynamics this year: in January-May, trade grew by 86% compared to the same period in 2022, amounting to $2.3 billion. Armenia’s exports to Russia increased by a record 3.3 times, which allows us to speak about the priority of the Russian market for Armenian producers,” said Denis Gonchar TASS.

Mr. Gonchar added that Moscow expects further growth in trade against the backdrop of an increase in the capacity of the Verkhny Lars checkpoint on the Russian-Georgian border.

“Almost half of all foreign investment in the republican economy comes from Russia. The largest taxpayers in the first half of the year were economic operators with Russian participation – the Zangezur Copper-Molybdenum Combine and Gazprom Armenia,” he added.

On June 7, Russian Prime Minister Mikhail Mishustin reported that the trade turnover between Russia and Armenia in 2022 increased by 96% – up to 140 billion rubles, or 660 billion Armenian drams. As a result, Armenia’s gross domestic product increased by a record 13% over the year, more than doubling its 2021 figure. Financial Times wrotethat in 2022, the export of cars from Armenia to Russia increased by 225 times, provided that cars are not produced in Armenia.

Olesya Pavlenko