By Smbat Grigoryan

YEREVAN. – Armenia’s exports increased by $371 million, or 34․2 percent, whereas imports decreased by $758 million, or 22․5 percent, between January and October, in the past five years.

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As a result, the negative balance of the country’s foreign trade fell by $2․29 billion, and totaled $1․16 billion. In addition, the ratio between imports and exports decreased from 3.1 times to 1.8 times.

These changes are caused by several factors.

Russia makes up the lion’s share of Armenia’s trade within the Eurasian Economic Union (EAEU), which comprises Armenia Russia, Belarus, Kazakhstan, and Kyrgyzstan.

Russian goods, and first and foremost energy resources—natural gas and petroleum products, make up the upper rows Armenia’s imports.

And the imports of the two key products alone have fallen by more than $119 million, over the course of the past five years.