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Q4 2014 imports of machinery and transport equipment were down some 20% y/y, in line with the decline in imports of food, textiles and passenger cars.
Overall, in 2014, oil and gas accounted for roughly 70% of all Russian exports, largely unchanged on 2013. Overall value of goods exports in 2014 was down 6% (USD32 billion) on 2013, while goods imports fell 10% (just over USD22 billion).
Meanwhile, Russian trade balance posted 3.7% higher surplus for 2014, rising to USD188.66 billion compared to 2013 level of USD181.94 billion, although the surplus was still short of 2011 peak of USD196.85 billion.
Total exports reached USD496.66 billion in 2014, which is some 5.1% lower than in 2013, while total value of imports was down 9.8% y/y (to USD341.34 billion). Imports finished 2014 at their lowest level in four years. These are figures from the Central Bank of Russia.
Based on Russian Customs data, exports registered with Customs stood at USD496.94 billion in 2014, down 5.8% y/y and imports were USD314.97 billion, down 9.2% y/y. Trade balance stood at USD210.96 billion, down 0.6%. Trade balance has deteriorated in November-December 2014 very significantly, down 24.5% and 25.2% y/y, respectively. Only comparable level of deterioration was marked in February 2014 when Russian trade balance fell 23.7% y/y and in September, when it fell 24.5%.
And a ‘wake up and smell the roses’ moment – January data (preliminary and covering main categories of goods) for Russian imports from the trading partners excluding CIS shows imports of goods falling a massive 40.8% y/y to USD9.855 billion in January 2015, compared to USD16.65 billion in January 2014. Food imports are down 41.9%, Chemicals imports are down 35.3%, Textiles and Clothing imports are down 39.2%, Machinery and Equipment imports are down 44.6%.