Tourism accounts for nearly half of Russian services imports

BOFIT Viikkokatsaus / BOFIT Weekly Review 2015/28

​Services imports to Russia in 2014 were $121 billion or €91 billion (28 % of total imports). The EU provided 46 % of services imports, APEC countries 12 % and CIS countries 7 %. Finland had a 3 % share and China 2 %. Travel services represented 42 % of services imports, transportation 13 %, intellectual property 7 %, construction 6 % and communications and IT services 6 %. The rest of services imports consisted mainly of other business services.

Imports of travel services grew strongly until last year’s dip when the value of imports was down 6 % and the number of trips 16 %. Nearly all travel imports consist of private travels. The largest tourism spending markets in 2014 were Turkey, Germany, Egypt and Finland.

The value of services exports in 2014 was $66 billion or €50 billion (12 % of total exports). Some 40 % of exported services went to the EU, 15 % to CIS countries and 13 % to APEC countries. Finland and China each had 2 % export shares. By category, services exports broke down as follows: transportation 30 %, travel 17 %, construction 7 % and communications and IT services 7 %. The remainder consisted mainly of other business services.

Value of Russian services trade, USD billion
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Source: CBR

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