Brisk growth in Russian goods trade continues

The dollar value of goods exports and imports rose by nearly 30 % y-o-y in the first six months of 2016. In the second quarter, import growth accelerated slightly and export growth slowed. Despite high growth, the levels of exports and imports were well below peak levels of earlier years.

Driven largely by higher export prices, the value of goods exports continued to rise in the second quarter. Total export volumes also appear to have increased slightly. Export volumes of e.g. natural gas, iron ore, coal, wheat and copper increased, whereas export volumes of crude oil and oil products contracted relative to 2Q16.

The value of goods imports grew by double digits in the second quarter in most product categories. Imports of metal goods grew – both in terms of volume and value – by roughly 50 % y-o-y. The value of imports of machinery, equipment & transport vehicles increased by over a third.

The country structure of goods trade has remained largely unchanged this year. EU countries accounted for 44 % of Russia's trade, Asian countries 27 %, Eurasian Economic Union member countries 9 % and the United States 4 %.

Growth in value of select categories of Russian imports, 1H17

Source: Russian customs.