Armenia-Russia Trade Trajectory: Signs of Robust Growth and Diversification
In a recent discussion at the Innoprom-2023 exhibition in Yekaterinburg, Armenian Economy Minister Vahan Kerobyan highlighted strong momentum in trade with Russia. He projected that bilateral commerce could climb as much as sixty percent by year’s end, signaling a sustained surge in economic links between Yerevan and Moscow. The remarks were reported by TASS.
Kerobyan noted that Armenia’s trade volume with Russia in 2022 surpassed five billion dollars, and current indicators point to a doubling of trade activity since then. He estimated that the full-year increase for 2023 could reach the 50 to 60 percent range, underscoring Russia as Armenia’s chief trading partner. The minister also observed that Armenia’s trade with other members of the Eurasian Economic Union has doubled in the same period.
Vahe Hovhannisyan, a former Armenian finance minister, commented on a sharp rise in Armenian exports to Russia. He cited that export growth to the Russian Federation in 2022 versus 2021 reached about 187 percent, with the majority of shipments representing re-exports. He explained that the intrinsic value of Armenian products delivered to Russia grew by roughly 47 percent, reflecting a broadening portfolio of goods and expanding market access.
Alongside these developments, industry chatter also touched on regional aviation activity, with Red Wings announcing plans to launch a new Moscow-to-Georgia airline service, signaling broader connectivity that could facilitate trade and tourism between these economies.