Armenian exports drop by 8.6% in first quarter to $542.9 million

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YEREVAN, May 7. /ARKA/. Armenia’s exports in the first quarter of 2019 slashed by 8.6% or $51.36 million to $542.9 million, when compared to the same period of 2018, the National Statistical Committee (NSC) said.

It said exports of Armenian products to the Eurasian Economic Union (EEU) member countries declined by 6% to $142.1 million. More precisely, exports to Russia decreased by 5.8% to $137.7 million and exports to Kazakhstan shrank by 52.9% to about $1.2 million. At the same time, exports to Belarus increased by 24.1% to $2.8 million and exports to Kyrgyzstan doubled to $436,100. Exports to other CIS countries grew by 14.7% to $7.5 million.

Armenia’s exports to the EU countries decreased by $42.6 million, or 24.8%, to $129.5 million. More precisely, exports to Belgium decreased by 24.6% to $11.3 million, exports to Bulgaria fell by 34.3 % to $41.3 million and exports to Germany dropped by 37% to $17.5 million.

At the same time, exports to France increased 3 times to $3.6 million; exports to Italy grew by 36.9% to $11.9 million and exports to the Netherlands upped by 22.2% to $34.8 million. These countries are the main European trading partners of Armenia.

Exports to other countries decreased by only 0.2% to $263.8 million. For example, exports to the United States decreased by 31.5% and to Iran – by 62.2%. But at the same time, Armenia increased exports to Turkey by 3.4 times, to China – by 32.4%, to Iraq – by 48.2%, to Canada – by 15.3 times and to Georgia – by 35.3%.

According to the National Statistics Committee, the drop in country’s exports in the first quarter of 2019 was driven by a significant reduction in exports of the main commodities. In particular, exports of mining output and raw materials dropped by 18.3% to $142.7 million, exports of textile goods fell by 16.5% to $42.1 million, exports of plant products fell by 11.1% to $17. 5 million and exports of non-precious metals fell by 26.2% to $58 6 million.

Imports in the first quarter fell by 3.1% to $1.085.8 billion. As a result, Armenia’s foreign trade turnover fell by 5% from the year before to about $1.628.8 billion. -0-

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