Page 47 - RusRPTSept19

Russia trade dynamics $bn
Dec 2018
Jan 2019
Feb 2019
Mar 2019
Apr 2019
May 2019
Jun 2019
Jul 2019
Foreign trade turnover, billion US dollars
52.4
63.9
46.3
52.4
57.5
57.60
51.40
52.40
export of goods
33.6
41.4
29.8
34.0
36.5
37.50
31.60
32.50
import of goods
-18.9
-22.5
-16.5
-18.4
-21
-22.00
-19.80
-20.00
good trade balance
14.7
18.9
13.3
15.6
15.5
15.50
11.80
12.50
source: GKS
5.2.1 Import/export dynamics
India and Russia have called for diversifying and deepening of economic ties in priority sectors to meet the bilateral trade target of $30bn by 2025, up from the $8.3bn of trade in 2018, the commerce ministry said on August 13. The goals were set during a meeting between Russia's Deputy Prime Minister Yuri Trutnev and Commerce and Industry Minister Piyush Goyal in Vladivostok. Russia has been working most closely with all its BRICS peers and focusing on boosting trade. So far the most advanced relations are with China where trade topped $100bn in 2018 and targeted to reach $200bn by 2021. A delegation including chief ministers of Haryana, Gujarat, Uttar Pradesh and Goa and about 140 Indian companies was led by Goyal at the session. He urged companies of both countries to discuss partnerships directly and come up with concrete project proposals. The ministry said in a statement that a number of MoUs were signed between regions of the Russian Far East and five states of India to expand and strengthen cooperation in the areas of trade, economy, investment, scientific and technical cooperation.
Russia, the world’s largest wheat exporter, expects to see sales down 15% y-o-y for August, to 4 million tons, Reuters reports from Moscow, citing SovEcon. By contrast, Ukraine’s wheat exports hit 4.1 million tons -- up 55% -- for July and August, the first two months of the marketing year. Russian sales are down as farmers wait for better world prices and the government slows export certificates, fearing the political cost of a rise in bread prices.
Russia reduced food imports by 31.2% over five year from $43.3bn in 2013 to $29.8bn in 2018, the Agriculture Ministry said thanks to its import substitution policy. In the segment of grain and leguminous crops, the share of domestic products in the total volume of domestic market resources amounted to 99.4% at the end of 2018 (the Doctrine’s threshold value is 95%). For sugar it is 95.7% against the threshold value of 80%, for vegetable oil - 81.5% against 80%, for meat and meat products - 92.8% against 85%. The ministry also noted that in 2018, Russia’s exports of foodstuffs amounted to $25.8bn, up from $16.8bn in 2013. The amount of state support to the agricultural sector increased - this year it is planned at 307.9bn rubles ($4.7bn).
Russia could get access to Saudi Arabia’s market after the kingdom’s grains agency will relax rules for bug damage in wheat imports starting with its next tender, according to Governor Ahmad Al-Fares. That will allow more nations, including Black Sea suppliers, to participate..
Saudi Arabia imported 376,000 tonnes of Russian grain in July, an about 50% increase on the year. Chickpea, coriander, and barley accounted for the majority of exports to the country. The move opens the door for Russia, the biggest wheat shipper, to break into the Saudi market after more than a year of
47 RUSSIA Country Report September 2019 www.intellinews.com