Which Is the Largest Trading Partner for Armenia: The EU or the EAEU?
From January to November 2024, Armenia’s foreign trade turnover reached $28.18 billion, exceeding the comparable figure for 2023 by $9.88 billion or 54.01%. This was according to data published by Armenia’s Statistical Committee.
On January 24, the Standing Committee on European Integration of the National Assembly discussed and approved a decision that the issue of starting the process of Armenia’s membership in the European Union will be on the agenda for the plenary session on February 11.
The recent questions concerning Armenia’s relations with both the EU and the EAEU (Eurasian Economic Union) have sparked public debate, particularly regarding which direction Armenia will take and the potential impacts of this shift, both positive and negative.
Looking at Armenia’s trade and economic relations with these two international organizations, it is clear that Armenia’s economy is significantly dependent on the EAEU, Armenia’s trade turnover with EAEU member states is more than 7 times greater than with the EU. Trade with CIS countries has increased by 66.91%, totaling $12.05 billion, of which trade with EAEU countries accounted for $11.9 billion, a rise of 68.25%.
Trade with EU countries decreased by 14.09%, amounting to $2.1 billion.
Armenia’s largest trading partner remains Russia, with bilateral trade totaling $11.62 billion during this period. This represents a 71.57% increase, or $4.8 billion, compared to the same period in 2023.
The UAE is in second place, with $5.1 billion in trade, a dramatic increase of 250.45%. China follows in third with $2.6 billion, up by 37.91%.
Iran ranks fourth with $661.6 million, an increase of 5.19%. Germany is fifth with $443.9 million, experiencing a decrease of 24.38%. Italy ranks sixth with $382.4 million, a slight increase of 0.07%. The US comes seventh with $381.1 million, down by 39.18%. Georgia is eighth with $304 million, a growth of 27.22%. Iraq is ninth with $221.2 million, up by 37%. Belarus rounds out the top ten with $190.5 million, increasing by 9.02%.