Armenia is far behind the other CIS member-countries in terms of foreign trade balance. This January-July, Armenia’s unfavorable foreign trade balance reached U.S. $1.7 billion. Belarus ranks 2nd (U.S. $4.2 billion), followed by Ukraine (U.S. $3.4 billion). However, the two countries’ foreign trade turnover is several dozen tomes as much as that of Armenia.

Russia, Kazakhstan and Azerbaijan registered favorable foreign trade balance. Specifically, Russia’s favorable foreign trade balance totaled U.S. $105 billion – a record figure throughout the country’s history. It is 62% more than in the corresponding period last year. The main reason is the rise in oil prices. Azerbaijan registered favorable foreign trade balance of U.S. $8.5 against U.S. $3.8 billion last year.