"The growth of exports to Russia amounted to 187% in 2022 compared to 2021," the Armenian finance minister said during a speech in the Armenian parliament.
At the same time, Hovhannisyan specified that the increase had been primarily driven by re-export of foreign goods, while exports of Armenia's domestic products had made a contribution of 47 percentage points to the growth.
In January, the Armenian authorities said the country's foreign trade had surged by 68.6% and reached $14.12 billion in 2022 year-on-year. Exports amounted to $5.36 billion, a 77.7% increase from 2021, and imports totaled $8.76 billion, a 63.5% increase.