Armenian Economy Ministry notes soaring trade with Russia

YEREVAN. Aug 25 (Interfax) - Armenian-Russian trade reached $3.7 billion in January-July 2023, Armenian Economy Minister Vahan Kerobyan said.

"Trade between Armenia and Russia has been growing, it reached $3.7 billion in the first seven months of the year. That is 70% more than last year. The total trade volume comprises $2 billion's worth of Armenian exports and $1.7 billion's worth of Russian exports," Kerobyan said at a joint press briefing with Russian Economic Development Minister Maxim Reshetnikov following the Business Breakfast with Armenian and Russian Business Community Members.

"These figures do not mark the ceiling, and we are planning a further expansion of our cooperation in various areas," Kerobyan said.

The meetings in Yerevan addressed macro-economic issues, especially those related to the exchange rate, "considering the dramatic gap between the exchange rates of the ruble and the dram," Reshetnikov said.

"This triggers certain concerns among Armenian businessman exporting goods to Russia. Still, the current situation does not change the strategic task of mutual investments, new projects, and cooperation aimed at increasing the share of added value created in Armenia and products needed by Russia," Kerobyan said.