Page 64 - RusRPTApr21

5.2 Balance of payments, current account
Russia trade dynamics$bn
foreign trade t/o
export of goods
import of goods
good trade balance
source: GKS
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 2021
46.6 46.6 49.9 40.7 38.1 43.1 43.1 42.8 51.0 50.0 42.6 47.6 43.8
29.5 28.1 29.6 23.5 20.9 24.2 23.7 23.3 30.5 28.2 24.7 27.6 26.4
-17.0 -18.5 -20.3 -17.2 -17.2 -18.9 -19.4 -19.5 -20.5 -21.8 -17.9 -20.0 -17.5
12.5 9.6 9.3 6.3 3.7 5.3 4.3 3.8 10.0 6.4 6.8 7.7 8.9
5.2.1 Import/export dynamics
The volume of exports to China has fallen noticeably in the first two months of this year, by about $6bn due to contraction of demand connected to the coronacrisis.
Trade with China is usually very balanced, but recently while the volumes of imports has remained steadily the volume of exports has fallen, slightly but the volume of imports has increased in its share of the total from 22% to 27%.
The volume of trade between Russia and the European Union declined by 21% last year to $219bn, according to the Russian Deputy Foreign Minister Alexander Grushko, RT reports.
He said during a round table titled ‘Russia-Europe: realities and prospects’ in the State Duma that Russia’s “Trade turnover with the European Union decreased in 2020, if you count the UK, by 21% compared to 2019.”
Grushko added: “Although I recall that at the best times in 2013, this figure amounted to $417bn, and in terms of weight in the EU’s foreign trade, Russia was in the top league,” as cited by Russian Business Today.
Trade and business relations between Russia and the European Union have worsened since the introduction by Brussels of anti-Russian sanctions in 2014 over the events in Ukraine. Moscow has responded with counter-sanctions, banning a range of European products and launching an import substitution program.
Politicians from European countries have repeatedly called for the punitive measures to be cancelled as they have become a major hurdle for business and economic growth.
Russia’s arms sales last year were not affected by the economic fallout
64 RUSSIA Country Report April 2021 www.intellinews.com