Page 49 - RusRPTMar19

5.2 Balance of payments, current account
Russia -Trade 2012 2013 2014 2015 2016 2017 Mar-2018
Trade: External balance on goods and services (USD mn)
148,023 123,679 134,497 111,638 103,425 130,314 48,353
Trade: External balance on goods and services (% of GDP)
6.66 5.39 6.41 8.04 5.17 5.35 /
Trade: Goods exports (BoP) (USD mn)
527,434 523,275 497,763 341,467 285,772 353,547 101,881
Trade: Goods imports (BoP)
335,771 341,337 308,026 193,952 191,671 237,993 57,000
Trade: Current account BPM6 (USD mn)
71,282 34,801 58,432 68,375 25,664 35,350 18,321
Trade: Current account to GDP (%)
5.2.1 Import/export dynamics
3.20 1.40 2.70 4.90 1.90 2.20 /
source: CEIC, World Bank, CBR
Exports remain heavily weighted towards hydrocarbons which totalled $260bn in December – more than half of Russia’s exports, with minerals and base metals making up another $48.7bn from the total of $461bn.
Imports are half as much as Russia’s exports, which has lead to the record surplus in 2018. Imports are more evenly distributed but the top four items -- machinery ($80.7bn) , chemicals ($32.4), vehicles ($28.4bn), and base metals ($18.5bn) – accounting for 70% of the total imports to Russia.
Country-wise, China has become the single most important partner accounting for 12.4% ($60.6bn) of Russia’s exports in December and 22% ($56.9bn) of its imports. European countries feature heavily as Russian export markets, but the US accounts for only 2.8% ($13.5bn) of Russia’s exports, although it is the third most important source of imports, accounting for 5.3% ($13.9bn) of Russia’s total imports in December.
Russia is much less exposed to Brexit than its peers in Central Europe as the UK accounts for only 2.1% ($10.4bn) of Russia’s exports and 1.7% ($4.4bn) of its imports in December. That puts the UK on a par with Ukraine which has the same export numbers, but ranks above the UK in terms of imports: Ukraine accounted for 2.3% ($6bn) in December and continues to run an almost $2bn trade deficit with Russia.
Russian Federation remained Ukraine’s main trade partner in 2018, despite mutual trade restrictions imposed in 2016. In 2018, Ukrainian exports to other countries amounted to $47.3bn, an increase of 9.4% compared with 2017, according to the figures released by the State Statistics Service on February 19. The biggest share of the country’s exports ($3.7bn) still falls on Russia, despite a
49 RUSSIA Country Report March 2019 www.intellinews.com