Page 66 - RusRPTMay21

5.2.1 Import/export dynamics
The goods trade balance to $24.4bn, up slightly vs. 4Q20.
On the export side, exports of gas and other goods were up 22.5% y/y and 11.9% y/y, respectively, while exports of oil and oil products remained subdued (-21.1% y/y and -17.5% y/y, respectively).
Impoorts rose 12.3% y/y in 1Q21 after contracting y/y for three quarters.
As for services, the deficit narrowed due to seasonal factors, down 60% y/y thanks to the 32% y/y drop in demand for services imports.
Russia’s non-CIS imports grew by 24.6% on the year to US $21.863bn in March,theFederalCustomsServicesaidonApril11 citingpreliminarydata. In January–March, Russia’s import from non-CIS countries rose 16.2% to $54.926bn. In 2020, imports from the non-CIS countries fell by 5.4% to $205.1bn.
Russia’s wheat exports doubled on the year to 7.59mn tonnes and more than doubled to US $1.884bn in monetary terms in January–February, the Federal Customs Service said on April 20. Exports of vegetable oil went up 3.1% to 589,200 tonnes worth $630.1mn, a 60% rise. Russia’s wheat imports grew 36% to 30,500 tonnes worth $12.3mn.
66 RUSSIA Country Report May 2021 www.intellinews.com