Brisk growth in Russian foreign trade

Russian goods trade in the first quarter saw increases with nearly all trading partners across all main product categories. The value of exports exceeded $80 billion, while imports reached nearly $50 billion. The value of both exports and imports was still about a third less than in the peaks of 1Q12 and 1Q13.

The value of goods exports rose 36 % y-o-y in dollar terms, mainly on higher oil prices. Export volumes also increased in nearly all major goods categories. Growth in crude oil exports was less than 1 %, while exports of petroleum products turned to a growth of 7 % and exports of natural gas grew by 10 %. In addition, export volumes of many metals, fertilisers and wood products increased on year. Half of goods exports went to EU countries, about 20 % to Asia and 10 % to countries in the Eurasian Economic Union.

The value of goods imports in dollar terms rose by 26 % y‑o-y in the first quarter. Imports of chemical products and machinery, equipment & transport vehicles climbed by nearly 30 % y-o-y. The value of food imports was up 16 % y-o-y. EU countries provided 37 % of imported goods, Asian countries 34 % and Eurasian Economic Union members 8 %.

Quarterly value of Russian imports in largest product groups

Sources: CEIC, Russian customs, BOFIT.