Page 56 - RusRPTApr20

contractions. Finnish exports lagged market trends as Russia’s total goods imports grew last year by 8% in euro terms supported by ruble appreciation.
Russia continues to run a $2.5bn trade surplus with Ukraine, but the volumes are falling slow as Ukraine attempts to wean itself off Russian dependence. Exports from Russia to Ukraine were at $7.3bn in January, but down by nearly a quarter from $10.3 a year earlier. Imports to Russia from Ukraine remain steady at $5.5bn in January, down only slightly from $5.9bn a year earlier.
China ($56bn), Germany ($26.4bn) and the USA ($14bn) remain Russia’s three top import partners. China ($59.4bn), the Netherlands ($47.6bn – actually a proxy for Russian companies abroad) and Germany ($30.2bn) remain Russia’s three top export destinations.
Russia continues to run a very balanced trade regime with China where imports and exports more or less match. The same is true with Germany, although Russia maintains a $4bn trade surplus there. But the Netherlands confuses the picture as it shows there are significant exports leaving via Russian-owned vehicles in the low lands that are being sold on to the international market – likely to be raw materials for the most part.
56 RUSSIA Country Report April 2020 www.intellinews.com