Russia’s Foreign Trade Turnover Increased By 22% in First Half of 2018

According to the Ministry of Economic Development of Russia, for the first half of 2018 Russia’s foreign trade turnover has stood at $328.7 bn, it is a 21.7% increase compared to the same period of 2017.

Export has grown by 26.7% to $213.3 bn, while import has increased by 13.5% to $115.4 bn.

As for Russia’s foreign trade geography, the EU holds a prominent place and accounts for 43.8% of Russia’s foreign trade ($144 bn in the first half of 2018). Russia-EU trade turnover has increased by 21.5%, including a 25% exports growth and a 4.1% imports growth. The second largest trade partner is the Asia-Pacific Economic Cooperation that accounts for 29.8% of Russia’s foreign trade ($98.1 bn in the first half of 2018). Russia-APEC trade turnover has grown by 21.5% (export – by 29%, import – by 13.8%).

Russia’s trade turnover has increased at most with BRICS countries (+28.8%, $58.4 bn) and with the Shanghai Cooperation Organization countries (+27.2%, $68.3 bn). Russia-CIS trade turnover has increased by 15.3% to $38.9 bn, including a 13.5% Russia-EAEU trade growth ($27.3 bn). The major part of Russia’s export has been constituted by fuel and energy commodities. For the first six months of 2018 their share has grown to 63.9% of all Russian export volume. From January to June, 2018 Russia’s non-resource export has amounted to $111.9 bn and thus increased by 24.3% compared to the same period of 2017, including a 23.2% non-resource non-energy exports growth ($70.3 bn) and a 14.3% innovative goods exports growth ($14 bn). Machinery and engineering export has increased by 15.3% to $12.4 bn.

The most increased supplies volume have gone to China (crude oil, refined copper), Turkey (oil products, crude oil and natural gas, ferrous waste and scrap, wheat, maize), the Netherlands and Germany (oil products, crude oil and gas) and Poland (crude oil, gas, rolled iron). Russia has reduced at most supplies to Latvia and Singapore (oil products and gas), and Azerbaijan (vehicles).