The Analytical Center has issued a regular bulletin on current trends in the Russian economy addressing the foreign trade trends.
The authors specify that in the first half of 2018 a moderate recovery of economy was observed which stimulated demand for imported goods of both industrial and consumer purposes. This trend is largely caused by the growth of export income related to the increase in energy resources and metals prices and growth of incomes of exporting companies and budget allocations.
According to the Federal Customs Service of Russia, foreign trade turnover in January through June 2018 achieved USD 328.7 billion, having increased by 21.6% year-on-year. Export from Russia increased by 26.6% up to USD 213.3 billion, import — by 13.4% up to USD 115.4 billion. The visible balance amounted to USD 97.9 billion.
The export growth for six month of 2018 was promoted mostly by the increase of export earnings from sales of crude oil, oil products and natural gas. In terms of value, the export of fuel and energy to the far abroad countries has grown by 29.2%, and to the CIS countries — by 30.9% on a year-on-year basis.
Since November 2017, the import has been growing steadily, the experts say. Half of the import from foreign countries in the first seven months of 2018 consisted of engineering products.
Geographical structure of Russian foreign trade continues to shift towards Asia. However, after serious decline in export, trade with the EU countries and the CIS began to recover, the authors state.
For more information see the bulletin "Foreign Trade Trends".
For the other bulletins on the current trends in the Russian economy, please see Publications.