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Armenian exports to Russia have plenty of room for growth, Mark Horton, head of the International Monetary Fund delegation to Armenia, told in Yerevan on Sept 30, Armenian News - NEWS.am reports.

According to him, the Armenia indeed is very closely aligned with the Russian economy and generally follows its performance curve. However, a recent observation has shown that while Russian economy was slowing, remittances to Armenia had been picking up for some time.

Similarly, Armenian exports to Russia may be more or less independent from the economic ups and downs in Russia.

“Armenia reports about $300 million annual worth of products to Russia, which has $2.5 trillion economy. This means Armenia could conceivably increase its exports to Russia manifold, which will still be a tiny fraction of the Russian market,” he stressed.

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