Reintegration Bureau presented data on volume of goods imported into Transnistrian region

Chisinau, 4 Aug. /MOLDPRES/- Today, the Reintegration Policy Bureau presented data on the volume of goods imported into the Transnistrian region, in the first semester of the current year. The information was presented following accusations made this April by Tiraspol, such as that the Chisinau authorities applied commercial-economic restrictions. Chisinau qualified the accusations as “unfounded … Read more

Kazakhstan’s Foreign and Domestic Trade Shows Positive Dynamics

Kazakhstan’s foreign and domestic trade has demonstrated a positive trend, said Deputy Prime Minister – Minister of Trade and Integration Bakhyt Sultanov during the ministry’s board meeting on July 29, the press service of the ministry reported. Summing up the results of the ministry’s work in the first half of 2022, Vice Minister of Trade … Read more

Azerbaijan boosts non-oil exports by 25.4 pct in 1H2022

Azerbaijan increased its non-oil exports by $295.4 million or 25.4 percent, in January-June of 2022, Azernews reports per the June export review of the Center for Economic Reforms Analysis and Communication of Azerbaijan. In the first half of the year, Azerbaijan’s exports totaled $18.5 billion, including $1.5 billion in the non-oil sector. Fruit and vegetable … Read more

Armenia announces need to increase annual amount of trade with Iran to $1bn

Ambassador of Armenia to Iran, emphasizing the need to increase his country’s trade volume with Iran, said that efforts are made to increase Iran-Armenia annual trade volume to one billion US dollars, IRNA reported. Ambassador Arsen Avagyan in his Friday evening meeting with the governor-general of East Azarbaijan Province said that Iran’s neighboring provinces with … Read more

Logistic issues faced by Armenian exporters

The recent appreciation of the dram and the dollar depreciation (the contracts for export are mostly signed in dollars) has become a problem for companies exporting from Armenia. The price of raw material has also increased because of inflation. Logistic problems have also appeared.
The USA is the main export destination of Armavir Fruit processing agricultural goods (canned fruits and vegetables, dried fruits). According to the company founder Hayk Manukyan, the fluctuation of the foreign currency and the appreciation of the dram is their main problem at this moment. Luckily, state assistance programs helped people to build orchards, greenhouse farms and to increase the volumes.
He says that any problem is automatically transferred to rural people, who are not able to process that volume under dram appreciation. The price changes very little over the years. If it increases, a market will be lost.
Dollar decreasing by around 20% makes exporting some goods unprofitable for the company now. Exports continue in spite of financial loss in order to save the market.
According to logistic company Spinnaker Group co-founder Norayr Gevorgyan, the fluctuation of the foreign currency is a problem for all exporters. The worst thing is that the dram appreciation happened immediately.
The calculation of the prices in the field of cargo transportation in dollars makes price increase as most of the expenditures in Armenia is in drams.
The opinion of the Central Bank, expressed by CBA Governor Martin Galstyan, is that serious problems will be caused by the artificial depreciation of the dram, for example, a new inflationary wave that will impact all citizens of Armenia, including exporters.
The Upper Lars border checkpoint regular shutting down because of bad weather and major queues there are also a problem for exporters. Armenian cargo trucks suffer most of all.
Russia also imports Armavir Fruit goods, but not much. According to Hayk Manukyan, major agreements with the partners of the Russian market will be signed soon. It makes the problem of Lars checkpoint very relevant, taking into account imports made for reprocessing.
Contracts make Lars very important for each exporter. If it is not solved, reserves in Russia are necessary in order to fulfill the contract.
According to Spinnaker Group co-founder Norayr Gevorgyan, there have always been problems with Lars checkpoint in every season, but this year the major flow of vehicles from other countries which cannot travel to Russia via Europe supplemented this difficulty. Lars served as an alternative route for them, but it couldn’t serve so many cars.
The exports of apricots stopped this year, because queues made it impossible to pass Georgia quickly.
They expect to launch a ferry communication to mitigate the problem of Lars. They are delaying the launch previewed for June 15th because the permission has not been granted by the Dutch company, the Poti port operator, yet, and it has also imposed sanctions against Russia. This measure will not solve the problem completely, as a ferry can’t transport all the goods exported from Armenia.
Inflation affects many countries. According to Hayk Manukyan, the decline of foreign currency doesn’t make the prices fall. The economy could be negatively affected by the dram depreciation from inflation perspective. He proposes to support exporting companies.

According to Spinnaker Group founder Norayr Gevorgyan, the fluctuation of a foreign currency is a global problem and does not depend on Armenia only. It makes exporters suffer, and it is necessary to provide a respective approach to them.
Without compensation, the situation will become very difficult for suffering sectors. They should provide a sectoral assistance to exporting companies, having contracts in dollar.

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Fifth meeting of working group on Uzbekistan’s accession to WTO held in Geneva

On June 21, Geneva hosted the fifth meeting of the working group on Uzbekistan’s accession to the World Trade Organization (WTO). The event was attended by over 60 delegations of WTO member countries, as well as representatives of international organizations and foreign experts. According to the MIFT press service, all 25 member states, including the … Read more

Brnabic: The export of ICT services during the first five months was higher than the entire ICT export in 2017

Illustration (Photo: Sergey Nivens/shutterstock.com) The Prime Minister of Serbia, Ana Brnabic, stated that, during the first five months of 2022, the export of services in the field of information and communication technologies (ICT) amounted to EUR 951 million and that this represents a growth of 40.8% compared to the same period last year. . Brnabic … Read more

Import of tillers, tractors to be exempted from payment of excise duty in Moldova

The cabinet today approved a draft law cancelling the excise duty on the import of agricultural and forestry tillers and tractors, the government’s communication and protocol department has reported. This measure will help enhance the competitiveness, increase the incomes and promote facilities at the exports of agro-food products, which will generate the increase in the … Read more