Page 60 - RusRPTOct22

5.2 Balance of payments, current account 5.2.1 Import/export dynamics
Parallel imports are reportedly picking up pace, with the first 3 and half months of the legal regime for them leading to 1.3mn tonnes/$9.3bn of imports supporting consumer goods consumption. It's expected the total volume will reach $20bn by year end. That's relief, sure, but always important to remember that parallel imports almost always entail markups since the third party exporters now they have Russian importers up against a wall.
Japan’s imports of Russian liquefied natural gas (LNG) grew by 211% in August 2022 on August 2021 and by 386% in monetary terms.
Turkey’s exports to Russia jumped to a record high for a single month in August, state-run news service Anadolu Agency reported on September 9. Sales of Turkish goods and raw materials to Russia reportedly leapt by 87.2% to $738.5mn, according t figures compiled from Turkish Exporters’ Assembly (TIM) figures. The overall increase in Turkey’s exports was just 13.1%. On the basis of the August data, Russia became the sixth most important destination for Turkish exports after Germany, the US, UK, Iraq and Italy.
Russian coal exports to Asia have fallen to the lowest in four months in August – Reuters, citing Kpler. Russia’s coal seaborne exports to Asia plunged c17% m/m to c10mt last month. Among key destinations, exports to China decreased c15% m/m to 5mt in August, while supplies to India were up c19% to 1.8mt. Japan and South Korea lowered Russian coal imports by more than half to 1.5mt in total, per Reuters.
The EU has pivoted to importing diesel fuel from the Middle East and Asia. From September 1 to 11, Europe imported 1.65mn barrels of diesel daily. This is the highest amount since August 2019, writes Reuters. Imports from the Russian Federation accounted for 44% of the total volume, compared to 51% in August and 60% in July. The Middle East share reached 30% against 23% in August. Diesel imports from this region are forecast to increase by about 50% to 500,000 barrels per day in September. This is the highest figure since May 2018. Imports from Asia will remain stable at around 225,000 barrels per day. But in August they were already three times higher than in July.
After a dramatic decline and surge from China, Russia is once again Uzbekistan's largest trade partner
60 RUSSIA Country Report October 2022 www.intellinews.com