Russia’s foreign trade collapsed in the first quarter

BOFIT Viikkokatsaus / BOFIT Weekly Review 2015/20

The value of goods exports plunged 28 % y-o-y, mainly on lower export prices. Export volumes of many products, in fact, increased. Crude oil exports were up 13 % y-o-y and petroleum products over 24 %. Export volumes of copper and fertilisers increased sharply, while grain exports were up slightly from a year earlier. Oil and gas accounted as usual for two-thirds of goods exports. Other important export products included metals and chemicals.

The EU remained Russia’s biggest export market by far, accounting for half of all exports. The value of exports fell by a third, however. APEC countries took over a fifth of Russia’s exports. 

The value of goods imports slid 37 % y-o-y. Imports were down significantly in all product categories on the weak ruble, poor consumer demand and the lack of investment demand. APEC countries were the biggest suppliers of imported goods to Russia, surpassing the EU as imports from the EU declined 44 %. China remained the largest single import provider. Its share of Russia’s overall imports rose to more than 20 %, even though imports from China fell by nearly a third.

The sharpest drop in Russian foreign trade was again seen with CIS countries. Ukraine trade fell by nearly 60 % y-o-y (a year ago Ukraine was still Russia’s biggest CIS trading partner). Russian trade fell considerably with Belarus and Kazakhstan, too, which are partners with Russia in the Eurasian Economic Union (EEU). Russian imports from Armenia, which joined the EEU at the beginning of this year, fell even more than imports from Ukraine.

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