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5.2.1 Import/export dynamics
Mineral products, including oil, continue to dominate Russia’s exports.
Exports were consistently around $255bn per month until the end of 2018 when the dollar value of exports began to decay, falling to $235bn in March, but then taking another step down after the coronacrisis and oil shock hit. Russia exported $195bn of mineral products in June.
However, all exports were down and the share of mineral exports remains at just over 51% in June, the same as two years ago.
The next biggest export category is “hidden partition” or arms, which accounted for 11.3%, or $42.9bn, in June, which was down from $64.1bn (13.6%) in June 2018.
Base metals makes up third place in the export regime accounting for 9.1% of the total in June worth $34.4bn per month.
On the import side, machinery remains Russia’s biggest import worth $71.9bn in June and accounting for 30.5% of the total. Machinery takes up a solid 30% of Russia’s imports irrespective of the state of the economy although the overall value of imports of machinery has contracted slightly from the circa $77bn imported per month two years ago.
45 RUSSIA Country Report August 2020 www.intellinews.com
