YEREVAN, January 9 (RIA Novosti) - Trade between Armenia and Russia grew 65% year on year in 2007, the Armenian foreign ministry said in an annual report on Wednesday.

"Russia is one of Armenia's largest trade and economic partners," the ministry said.

According to Armenia's national statistics service, Russia accounted for 16.1% of Armenia's foreign trade in January-November 2007, making it the republic's leading trade partner.

Bilateral trade expanded 68.2% in January-November 2007 to $632.1 million, with Armenia's exports rising 74% to $183.6 million and Russian exports to the South Caucasus republic growing 65.9% to $448.5 million, the Armenian statistics service said.

Russia was also Armenia's largest investor in the reporting period, investing a total of $175.9 million in the South Caucasus republic in January-September 2007, including $101.6 million in direct investment, the Armenian statistics service said.