Armenia Records Trade Surplus with Russia

In the first half of 2023, Armenia exported more goods to Russia than it imported for the first time, achieving a trade surplus of $210 million, according to calculations by RIA Novosti based on Armenian customs data.

According to the results from January to June of the current year, Armenia has recorded its first trade surplus with Russia since at least 2003, reaching a level of $210 million. In recent years, a deficit has been observed, with the largest deficit recorded last year at $596 million, and the smallest being $45 million in 2004.

This development is attributed to a rapid increase in Armenian exports, which have tripled this year to $1.68 billion. Meanwhile, imports from Russia have increased by 28%, amounting to $1.5 billion. Consequently, the trade turnover between the two countries reached a record $3.14 billion for the first time from January to June.

Russia continues to remain Armenia's main trading partner by a significant margin, followed by the UAE ($782 million) and China ($655 million). Also included in the top five trading partners are Georgia and the USA.