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March. The combined dollar-value of goods exports to Russia from Germany, France, the US, Japan, Korea, China and Turkey was down by nearly 40 % y-o-y in March. These countries traditionally account about half of the goods Russia imports. Finnish Customs reports the value of Finnish goods exports to Russia was also down by about 40 % y-o-y in March.
Russia is not highly dependent on imports in basic necessities such as staple foods and fuels, but most sophisticated consumer and investment goods – particularly high-tech products – are mainly imported. The unavailability of such goods, many of which are critical in production processes, could reduce Russian output significantly in many branches. It is often difficult for Russian producers to provide adequate substitutes for imported goods. Indeed, while Russia has had strong import substitution policies in place for several years, the country’s dependence on imports has not decreased.
5.2 Balance of payments
5.2.1 Import/export dynamics
Ukraine posted a current account surplus of $1,350mn in March of 2022, switching from a $790mn deficit in the corresponding month of the previous year. It was the widest monthly current account surplus since April of 2020.
In March, Ukrainian exports fell by almost 57.9% and imports by 75.8%. In March 2022, compared with February 2022, seasonally adjusted exports decreased by 57.9% and imports by 75.8%. The seasonally adjusted foreign trade balance in March 2022 was positive and amounted to $819.4M, reported the Ukraine State Statistic Service. In February 2022, the balance was negative $969M. Comparatively, in the first quarter of 2022, exports of goods from Ukraine amounted to $14.1M, or 102.9% of the total from the first quarter of last year, and imports $14.1M, or 94.4%. The negative balance was $31.6M. The January-March period of 2021 was also negative, $1.3B.
Since the beginning of the 2021/2022 marketing year (which began on July 1), Ukraine has exported almost 47.2mn tons of grains and legumes. Since the beginning of June, 148,000 tons have been shipped.
Russia is blocking 22 million tons of food in Ukraine ports. Volodymyr Zelenskyy has accused Russia of blocking the export of 22 million tons of food products and warned that many countries will face a food crisis if its ports are unblocked. "The world community must help Ukraine unblock its seaports otherwise, a food crisis will follow the energy crisis, and many more countries will be faced with it," said Zelenskyy. "We can unblock them in different ways. One of the ways is a military solution. That is why we turn to our partners with inquiries regarding the relevant weapons,” Zelenskyy said. The Ukrainian president also accused Moscow of systematically stealing grain products and subsequent attempts to sell them.
Egypt turns away shipment of grain Russia stole from Ukraine. Ukrainian Foreign Minister Dmytro Kuleba thanked Egypt on Twitter on May 19 for refusing a Russian ship the Ukrainian Embassy in Egypt alleged was transporting grain stolen from Ukraine.
Russian grain theft can be seen from space. Satellite images from Maxar
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