BOFIT Viikkokatsaus / BOFIT Weekly 2016/34

The value of goods imports contracted 9 % y-o-y to $84 billion in the first half of this year. The value of imports fell in all major goods categories. The contraction in imports has slowed and the June imports were only slightly more than 1 % smaller than a year earlier. The value of imports of machinery, equipment & transport vehicles even rose in June for the first time in two years, up 7 % y-o-y. The contraction in imports of chemical products has nearly ceased, while the slide in food imports has accelerated in previous months. The EU’s share of Russian imports increased slightly from 1H15 and was nearly 40 %. About a third of imports came from Asia, with China the largest import provider (nearly 20 %). Imports from Turkey were down over 50 % y-o-y in 1H16.  

The value of goods exports in the first half was just under $130 billion, a decline of nearly 30 % y-o-y. The drop in the value of exports has slowed slightly in recent months on higher commodity prices. Export volume development has been varying. Measured on-year, export volumes of crude oil, natural gas, ferrous metals, timber and grain were up in the first half, while export volumes of oil products contracted substantially along with decreases in volumes of fertilisers, aluminium and copper. Less than half of exports went to EU countries (down from a year earlier), and about a fifth of exports went to Asia. Exports to most countries still shrank, but exports increased to e.g. Iran and Egypt.

Trends in value of Russian goods imports

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Source: Federal Customs Service of Russia.