Page 44 - bne IntelliNews monthly country report Russia February 2024
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     items are industrial equipment (+38.7%, €1.6B) and chemical industry products (+20.5%, €640M).
Russian exports to the EU decreased by $70bn in the first half of the year. The largest drop was recorded in the hydrocarbons segment, particularly gas, crude oil, and petroleum products, which amounts to about $63bn.
The situation is worse with semi-finished products made of steel and iron. Even though this group is under sanctions, it brought Russia about $1bn in foreign exchange earnings during the six months. It is predicted that exports of this group will reach about $2bn by the end of 2023. In 2021, the total import of this category into the EU from the Russian Federation amounted to $3bn.
Noticeable changes are also noted in the volume of exports of rare earth metals, in particular nickel and platinum, where a loss of approximately $1.3bn is observed. With the ban on the import of Russian diamonds in the twelfth package of sanctions, official export statistics indicate a significant drop in the import of this product, with a $900,000mn decrease.
● Products
The share of non-resource non-energy goods in Russian exports reached 84% compared to 67% in 2021, Russia’s First Deputy Prime Minister Andrey Belousov said on December 21.
"The growth in physical volumes of non-resource, non-energy exports to the markets of friendly countries amounted to over 20% by 2021 and their share in Russian exports reached 84% against 67% in 2021," he said.
At the same time, he noted that the share of imports from unfriendly countries to Russia decreased to 29% in 2023 in comparison with 35% in 2022. "Limiting Russia’s supply of imported goods was one of the goals in order to destabilize the socio-economic situation in our country. Taking into account the fact that in 2021 unfriendly countries accounted for about 50% of all imports, this was extremely dangerous. But already in 2022, the share of imports from unfriendly countries decreased to 35% and to 29% in 2023," he said.
Belousov added that the total volume of imports has already exceeded the figures for 2021 and has grown to around $300bn. Belousov clarified that this was reached by launching a parallel import mechanism, through which necessary goods worth more than $70bn were imported into the country.
The share of settlements in rubles and friendly currencies in 2023 increased to 65%, he said. "In 2023, the total share of the ruble and the national currencies of friendly countries will be 65% in payments for the export and import of goods and services. For comparison, in 2021 it was only 22%," Belousov noted.
The share of imports from unfriendly countries to Russia decreased to 29% in 2023 in comparison with 35% in 2022, Russia’s First Deputy Prime Minister Andrey Belousov said on Thursday.
  44 RUSSIA Country Report February 2024 www.intellinews.com
 






















































































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