BOFIT Viikkokatsaus / BOFIT Weekly 2020/33
In the April-June period, the value of Russian goods exports was down by 30 % y-o-y, mostly on a drop in export commodity prices. The volume of exports, in contrast, saw small increases for some major export items despite the coronavirus pandemic. Crude oil exports were up 4 % y-o-y, while petroleum products climbed by 13 %. Export volumes of iron and steel products increased slightly, while natural gas exports decreased.
The value of Russian goods imports fell by 13 % in the second quarter, a significantly smaller drop than in previous economic crises. Car imports decreased sharply, while imports of machinery & equipment fell less than the general drop in goods imports. Imports of certain foodstuffs increased from a year earlier.
Measured in terms of value, Russian goods exports fell sharply in nearly all major markets during the second quarter. Russia's exports to Europe, however, were down more than exports to Asia or countries in the Eurasian Economic Union. The exception was Russian exports to the UK, which saw their value nearly double in the first half led by exports of precious gems and metals. There was greater variation in goods import trends among Russian’s main trading partners. Imports from EU countries and countries in the Eurasian Economic Union were down by nearly 20 % y-o-y, while imports from China, Turkey and the US were up a bit.
Russia’s main goods trade markets in January-June 2020
Sources: Russian Customs and BOFIT.