Page 45 - bne IntelliNews Country Report: Russia Dec17

5.2.1 Import/export dynamics
Even with the slowdown, the value of goods exports and goods imports increased in the third quarter of 2017 still by about 20% y/y in dollar terms .
The higher value of exports was supported largely by higher oil prices, while export volumes of several major commodities were down from a year ago. The export volume of crude oil and oil products was only down a fraction, while export volumes of e.g. metals and fertilizers were down more pronouncedly.
Russia will restrict imports of pork and beef products from Brazil as of December 1 , Rosselkhoznadzor, the country’s agricultural safety watchdog announced on November 1. Earlier in November, Russian authorities said they were considering a ban on all Brazilian pork and beef after finding a banned feed additive named ractopamine in some of Brazilian meat shipments. Brazil's meat industry groups denied that any banned substances could be contained in its meat products. Only a few companies were affected by the restrictions and the rest are operating as usual, Brazil Agriculture Minister Blairo Maggi was quoted as saying by Reuters.
Lower growth in investment-led imports such as machinery and equipment, as well as metals, slowed the growth of goods imports in the third quarter of 2017. However, import growth remained in double digits in all major goods categories.
For January-September, the value of Russian goods exports was $250bn .
The value of exports was up by 26% y/y, which was the same as the increase in the price of Urals-grade crude oil. Lifted by rising prices, the share of oil & gas in goods exports is back above 60% this year.
In contrast, the share of machinery, equipment and transport vehicles
45 RUSSIA Country Report December 2017 www.intellinews.com