Deputy Minister of Finance: Export of goods of Armenian origin  decreased by 14.3% in Q1 2024

ArmInfo. In Q1 2024, Armenia increased export supplies 2.7-fold , which was mainly due to the  re-export of gold to the United Arab Emirates. Deputy Minister of Finance of Armenia Vahan Sirunyan stated during a meeting of the Standing Parliamentary Committee on Financial-Credit and Budgetary  Affairs on June 7.

At the same time, he drew attention to the fact that the export of  goods of Armenian origin during the reporting period decreased by  14.3% year-on-year.

According to Sirunyan, if we do not consider re-exports, a 9.2  percent decrease in import volumes was recorded in the first quarter.  But if consider it, an increase in import deliveries was recorded at  the level of 75.8%. The decrease in volumes, as noted during the  meeting, was mainly due to a reduction in imports of cars from the  Russian Federation (4-fold), which was provoked by the introduction  of a recycling fee on cars in Russia, as well as a reduction in the  supply of tobacco products due to an increase in excise tax. 

On April 1, a new procedure for calculating the amount of payment for  the import of cars from other countries - members of the Eurasian  Economic Union (EAEU) came into force in Russia.  Taxes and fees that  were not paid due to underestimation of the customs value of vehicles  imported to the Russian Federation from the EAEU countries will be  considered from this date as part of the recycling fee, which is  mandatory for payment by both individuals and legal entities. In  November 2023, Russian President Vladimir Putin signed a law  providing for an increase in excise rates on certain types of alcohol  and tobacco. In 2024, the excise tax on cigarettes and tobacco will  be 2813 rubles per 1000 pieces plus 16% of the estimated cost,  calculated based on the maximum retail price, but not less than 3820  rubles; - not less than 3973 rubles in 2025; - not less than 4132  rubles in 2026.