NEWS

As the Armenian government’s report on the progress and results of the implementation of its plan of actions in 2022 announces, the trade turnover with the U.S. in 2022 more than doubled compared to the previous year to about $465 million.
An increase by 43.8% was shown by Armenia’s trade with EU member states, and the record high of almost 2 billion euros was achieved. Armenia’s exports to the EU showed an increase by 17.8% compared to 2021.
An increase of about 42% was achieved by Armenia’s trade with Iran. It grew up to about $711 million compared to about $503.5 million in 2021.
A growth to $879 million was shown by Armenia’s trade with Georgia (up from $422 million in 2021).
Armenia’s trade turnover with China increased by 39.4% from about $1.8 billion to $1.3 billion compared in the previous year.
The official statistics show that Armenia’s foreign trade in 2022 increased by 68.8% compared to 2021 and reached $14.1bln. The rise of Armenia’s exports was 77.7% while the increase of imports was 63.5%.

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A string of amendments to the law, which designates imported goods, which are not subject to excise duties and are exempted from value added tax, is approved today in the second and final reading by the Armenian parliament by a vote of 81 and 6 abstentions.
The amendments will make import of those raw materials, which are not produced in Armenia, exempted from value added tax (VAT) paid on the border.
According to Deputy Minister of Economy Armen Arzumanyan, currently a large number of enterprises import raw materials, which are not available in Armenia.
He said in parliament that given that the economic policy of the government is aimed at supporting local producers and increasing the efficiency of cash flow management by business entities, they plan to gradually shift taxation on imported raw materials and equipment from the border to the domestic economy.
As Arzumanyan said, gradual exemption of certain types of goods from VAT is called for by the amendments. He added that the country imported about $11 million worth of such goods in 2021, but they expect imports to increase after the approval of the amendments.
According to Minister of Economy Vahan Kerobyan, domestic chicken eggs for incubation; embryos, seminal fluid, seeds; products for the testing industry, including the processing of textile materials, leather, skins, etc.; also products necessary for the production of poultry and meat are included in the list of the goods to be exempted from VAT.

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The Armenian government’s report on the progress and results of the implementation of its plan of actions in 2022 announces that the country increased exports by 54.4% in 2022 and imports by 33.8%.
The amount of about 2.3 trillion (about $5.4 billion) drams was reached by Armenian exports and over 3.7 trillion (about $8.8 billion) drams by imports.
The National Statistical Committee announces the rise of exports by 77.7% from the year before, reaching $5 billion 360 million in January-December 2022.
A 5.7% decrease was shown by exports in December 2022 compared to November, but it was almost a 90.2% rise compared to December 2021. Exports in January-December 2022 reached about 2.3 trillion drams.
During the reporting period, imports increased by 63.5% compared to January-December 2021 and amounted to about $8.8 billion.
An increase by 1.6% compared to November was attained by imports in December 2022 and by 60.2% compared to December 2021. Counted in drams, imports in January-December 2022 surpassed 3.7 trillion drams ($1= 387.94 drams).

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