YEREVAN, July 22. / ARKA /. The decline in Armenia’s foreign trade is resulting largely from the weakening demand from Russia and the EU, the World Bank said in its monthly review of Armenian economy.
According to the National Statistical Service, Armenia’s trade with Russia in the first five months of 2015 decreased year-on-year by 54.6% to $242.7 million, while the trade with EU countries fell by 28.6% to $462.2 million.
According to the World Bank review, Armenia’s negative trade balance in the first 5 months of 2015 actually halved compared with the same period of 2014 to $581.6 million. The slight improvement was due to the reduction of imports by 38% and exports by 15. 2%.
Armenia’s overall foreign trade in January-May 2015 amounted to about $1.558.8 billion, a decline of 32.3% compared to the same period of n 2014.-0-
